Indonesia’s 560-Times Oversubscribed IPO Jumps on Stock Debut

PT Chandra Daya Investasi shares surged as much as 35% in their first day of trading in Jakarta, hitting the daily limit, on optimism they will follow the stellar gains made by other companies linked with billionaire Prajogo Pangestu.

The infrastructure unit of petrochemical giant PT Chandra Asri Pacific climbed as high as 256 rupiah early Wednesday, versus the price of 190 rupiah in its initial public offering. The Jakarta Composite Index rose 0.3%.

Chandra Daya raised 2.37 trillion rupiah ($146 million) in its IPO, the largest in Indonesia this year. Investors submitted bids for more than 560 times ...