Jakarta - Officially listed on the Indonesia Stock Exchange (IDX), PT Surya Biru Murni Acetylene Tbk (SBMA) experienced a 34.44% increase in share price to Rp242 per share.

The SBMA is offered at a price of Rp180 per share during the initial public offering (IPO). Automatically, SBMA is subject to upper limit auto rejection or ARA.

Based on the provisions of the stock exchange, shares with a reference price range of Rp50 to Rp200 can move up a maximum of 35%.

President Director of PT Surya Biru Murni Acetylene Tbk Rini Dwiyanti said SBMA's shares were oversubscribed or oversubscribed up to 23 times the portion of the poll during the IPO. The public offering was held on September  2-6, 2021.

"This is an extraordinary achievement and shows the high interest of investors to acquire SBMA shares," he said in a statement on Wednesday (8/9).

The company, which is engaged in the industrial gas inorganic chemical industry,