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JAKARTA — Shares of VKTR Teknologi Mobilitas closed 11% higher in their stock market debut at the Jakarta bourse on Monday, with the company unveiling details of its plan to assemble electric buses and trucks in Indonesia with Chinese partner BYD.
VKTR’s share price surged at the open to 131 rupiah, up 31% from the IPO price of 100 rupiah per share, before paring gains to finish the day at 111 rupiah. The company last week hauled in 875 billion rupiah ($58.4 million) in its initial public offering, the lower end of its target range of up to 1.13 trillion rupiah after it released 20% of its shares for trading on the Indonesia Stock Exchange.
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