It was meant to be the crowning moment for Garuda, Indonesia’s national airline. After a debt restructuring, a turnaround in its finances and an overturn of an EU safety-related ban, the carrier was supposed to cap off all its recent achievements with a successful IPO.
But its stock market debut last month proved a big disappointment after share prices fell by as much as 23% during the first day of trading.
Although the company’s management blamed poor market conditions, aggressive pricing was the real culprit.
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