10,000pc jump makes Indonesian data firm world’s top-gaining IPO

THE STRAITS TIMES – A cloud data service provider partly owned by an Indonesian tycoon has delivered the world’s best-performing initial public offering (IPO) this year, jumping more than 100 fold since its share float in January.

DCI Indonesia has soared 10,852 per cent since its IDR150 billion (SGD14.4 million) listing on January 6, 2022. That makes the firm the top gainer in Indonesia’s stock market and the second-biggest contributor to the Jakarta Composite Index’s 12 per cent gain this year.

DCI’s stellar performance is another example of the frenzied trading in Indonesian technology stocks this year, with a key gauge of the sector having surged nearly fourfold since its launch in late January. However, there’s caution about how much investors should read into it given the stock’s scant trading and lack of research coverage by brokerages.

“The data centre industry is a beneficiary of the e-commerce and digital economy boom in Indonesia,” said head of research at JP Morgan Sekuritas Indonesia Henry Wibowo.

Wibowo said he does not cover the company because “the stock is not liquid”.

PT DCI Indonesia has soared 10,852 per cent since its SGD14.4 billion listing. PHOTO: AFP