Indonesia Data Firm is the World's Top-Gaining IPO, with a 10,000% Gain

The world's best-performing initial public offering this year was delivered by a cloud data service business partially owned by an Indonesian entrepreneur, with shares soaring more than 100 times since their float in January.

The world's best-performing initial public offering this year was delivered by a cloud data service business partially owned by an Indonesian entrepreneur, with shares soaring more than 100 times since their float in January.

Since its 150 billion rupiah ($10.5 million) IPO on January 6, PT DCI Indonesia has risen 10,852 percent.
This makes the company Indonesia's top gainer and the second-largest contributor to the Jakarta Composite Index's year-to-date gain of 12%.

DCI's remarkable success is another another illustration of the frantic trading in Indonesian technology equities this year, with a key index nearly tripling in value since its debut in late January.

Given the stock's limited trading volume and lack of brokerage research coverage, investors should be cautious about how much they should read into it.

"Indonesia's e-commerce and digital economy expansion has benefited the data centre industry," said Henry Wibowo, head of research at JP Morgan Sekuritas Indonesia.
"The stock is not liquid," Wibowo remarked, explaining why he doesn't cover the company.

Anthoni Salim, an Indonesian billionaire whose commercial empire encompasses food, telecommunications, and real estate, owns 11 percent of DCI.

The company's extraordinary increases have prompted periodic trading halts and a stock exchange inquiry into the firm for alleged transaction manipulation early this year.

The Indonesia Stock Exchange's transaction supervision and compliance director stated in a letter response to questions from Bloomberg News earlier this week that the investigation was completed.