PT Bank Net Indonesia Syariah Tbk officially listed its shares on the Indonesia Stock Exchange (IDX) and used the BANK ticker code today, on Monday (1/2).

In its trading debut, the BANK was exposed to auto rejection on (ARA). BANK's shares shot 34.95 percent to the price of Rp139 per share.  BANK has a market capitalization of Rp1.82 trillion.

In the initial public offering (IPO), BANK sold 5 billion ordinary shares or 37.90 percent of the total paid-up capital after the initial public offering. The shares being offered have a nominal value of Rp100 with an offering price of Rp103 per share. Through the IPO, BANK raised Rp515 billion fresh funds.

Director of Bank Net Indonesia Syariah, Basuki Hidayat, said the public offering proceeds would be used for its working capital.

"Along with the issuance of new shares, Bank Net Indonesia Syariah also issued 2.8 billion series I warrants, equivalent to 34.17 percent of the issued capital, with an exercise price of Rp110 per share. So that if all the warrants are executed by the shareholders, the BANK will get an additional capital of up to Rp308 billion and 100 percent of the warrants will be used for the company's working capital, "he said in Jakarta.

Bank Net Indonesia Syariah appointed NH Korindo Sekuritas as the underwriter.