Jakarta – Officially listed on the Indonesia Stock Exchange (IDX) on Monday (1/11), PT Formosa Ingredient Factory Tbk (BOBA) shares get an auto rejection (ARA).

The shares of the producer of tapioca pearls or tapioca pearls and premix powder with the Boba King brand rose by 25% to the price of Rp350 per share during its initial trading from Rp280 per share.

According to the provisions of the stock exchange, the maximum price increase for shares with a price range of Rp 200 to Rp 5,000 is 25%.

BOBA issued 140 million new shares with a par value of Rp50 per share during the IPO, which was held on 26-28 October 2021. The number of shares released represented 12.11% of the total paid-in capital after the IPO.

From this corporate action, the total funds achieved by BOBA reached Rp39.2 billion.

President Director of PT Formosa Ingredient Factory Tbk Yunita Sugiarto said, "We are optimistic about BOBA's business prospects bec