Garuda falls 17% on first day of trading

As one of the largest IPOs in Indonesia for several years, Indonesia’s privatization of its national airline Garuda was closely watched by market participants. The poor start of trading, however, with the shares opening 6.7% down and closing 17% below the offer price on the first day (and, at one point, falling by as much as 23%), may negatively affect the IPOs of other privatization candidates in South East Asia’s most populous nation. read