PT Pelayaran Tamarin Samudra Tbk's stock closed at Rp 3,580 per share on December 29, 2017, a 3,155 percent surge from its initial public offering (IPO) price of Rp 110 per share. This increase was the highest among all stocks listed on the Indonesia Stock Exchange (IDX).
The Indonesian government's program under President Joko Widodo and Vice President Jusuf Kalla, which developed the "Tol Laut" (Sea Toll) to connect major ports throughout the archipelago, fueled investor optimism, driving demand for maritime sector stocks, such as TAMU.
Of the ten stocks that recorded the highest gains in 2017, eight were newly listed on the Jakarta Stock Exchange that year, while the remaining two were established companies. All ten stocks saw price increases exceeding 500 percent in 2017, significantly outperforming the 20 percent rise of the Jakarta Composite Index (JCI).
(Read Databoks: The Allure of Initial Public Offerings on the Jakarta Stock Exchange)