Garuda's

"Garuda's IPO price was really expensive by any measure," said Edwin Sibayang, the chief analyst at PT MNC Securities.

Garuda Slides in Trading Debut Linda Silaen 2011

Analysts said Garuda's IPO also faced headwinds due to its timing, which came as foreigners were trimming their holdings in regional stocks amid concerns over rising inflation.

Garuda Slides in Trading Debut Linda Silaen 2011

"Garuda's prospective price/earnings ratio is at a very substantial premium to the market and its regional peers which is very hard to justify," James Bryson , a Jakarta-based fund manager at HB Capital Partners.

Indonesian State Airline Scales Back Ambitions Eric Bellman 2011

The total represented an increase from the $400 million that Emirsyah Satar , Garuda's president director, told investors in November that the company expected to raise.

Financial Briefing Book: Jan. 5 2011

Some investors and analysts said that at 1,100 rupiah apiece, Garuda's shares were too expensive, considering the broad economic and market risks and intensifying competition in Southeast Asia.

Indonesian State Airline Scales Back Ambitions Eric Bellman 2011

Companies such as AirAsia, IndiGo, Lion Air of Indonesia, Cebu Pacific of the Philippines and Garuda's low-cost Citilink carrier say they are also attracting new customers by bringing prices down to a point where millions more people can afford their first flights.

Aloft, Asian Heft Eric Bellman 2011

Market participants said that Garuda's first quarter performance won't encourage investors to buy the company's shares, which have fallen 28% since they debuted on Feb. 11.

Indonesia's Garuda Books Loss on Oil Prices Edhi Pranasidhi 2011

Garuda's CEO said investors should think long-term, despite short-term market factors that sent the airline's share price down 17% on its first day of trading.

What's News 2011

Garuda's sin was asking for too much, but previous episodes have stirred controversy for asking for too little.

The Price Is Always Right Abheek Bhattacharya 2011

Foreign investors have largely shunned the offering because of Garuda's steep valuation, people familiar with the matter said.

Indonesian State Airline Scales Back Ambitions Eric Bellman 2011