We extend our heartfelt congratulations to our client, PT Daaz Bara Lestari Tbk (DAAZ), one of Indonesia’s leading commodities trading companies, on the outstanding success of its Initial Public Offering (IPO) on the Indonesian Stock Exchange! Achieving an extraordinary oversubscription rate of 323 times during the initial offering period, this IPO has set a new record for oversubscription, surpassing the previous highest in IDX history by nearly threefold. DAAZ reached a market cap of approximately IDR 1.7 trillion, and in its IDX debut, the stock price surged by 25%, reaching the Upper Auto Rejection (ARA) limit.
Leading this landmark transaction, our Senior Partner Ahmad Zakaria, along with Associate Christofer Ruminsar, worked tirelessly to navigate complex regulatory requirements and secure timely approval from the Financial Services Authority (Otoritas Jasa Keuangan). Starting in June 2024, UMBRA conducted extensive due diligence, overcoming challenges posed by DAAZ’s diverse business operations and stringent compliance standards.
This successful IPO highlights UMBRA’s expertise in capital markets, and we are honored to have contributed to this historical milestone. We look forward to witnessing DAAZ leverage the capital raised to advance its strategic goals, including investments in nickel ore acquisition and supporting subsidiary growth through increased working capital. Here’s to DAAZ’s continued success and its significant impact on Indonesia’s commodities sector!
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