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PT Bali Bintang Sejahtera, the company that owns the club, registered two billion shares on the stock market under the stock symbol “BOLA” (B1 Photo/Primus Dorimulu via Jakarta Globe)
Indonesia Stock Exchange: Bali United stocks skyrocket to 69 percent
After announcing to go public, one of the professional football clubs in Indonesia, Bali United on Monday officially listed its shares on the Indonesia Stock Exchange (IDX). PT Bali Bintang Sejahtera, the company that owns the club, registered two billion shares on the stock market under the stock symbol “BOLA”, meaning ball in the Indonesian language.On its debut, the company’s stocks price opened at Rp 296 ($2) which 69.14 percent higher than the initial public offering (IPO) started at Rp 175 each. The fantastic jumping from its first appearance on the stock market showed that investors and fans were likely interested in and support the football industry in Indonesia.
The company collected Rp 350 billion ($24.4 million) from the IPO and planned to divide the shares for expanding the business. The firm is going to spend on 60.5 percent of the fund for working capital, such as for recruiting coaches and players. About 19 percent of the money for the club’s capital expenditure, including to improve the club's sports and academic facilities.
The rest of 20.4 percent of the fund is for increasing the company’s subsidiaries, including its cafes and restaurants as well as its radio station.
Yabes Tanuri, the chief executive of Bali United said anyone can become a stockholder for Bali United since the club now is going public. He hoped everyone could support each other and become like a family. Joining the stock market, Bali United became the first football club in Southeast Asia to go public.
Tanuri also hoped that Bali United could be an example for other football clubs, especially in Indonesia to manage their club more professionally.
Source: https://jakartaglobe.id/context/bali-united-scores-big-in-stellar-stock-market-debut
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