Journal of Business Administration Economic & Entrepreneurship

Vol. 4 No. 2, October 2022 115

INITIAL PUBLIC OFFERING (IPO) STOCK BUYING STRATEGY

Niko Dwi Haryanto; Anas Alrasyid Putrawidya Buana

Polytechnic STIA LAN Bandung
nikodwih@gmail.com; anasal641@gmail.com

Abstract

Investors who have made purchases in the public offering, after that the allotment stage where
investors will get the number of shares that will be obtained later, after that the stage of
distribution of shares to investors and finally the stage of listing on the IDX. With the potential
for low prices and high returns on IPO shares, this makes investors curious about how to buy all
IPO shares. This study aims to calculate IPO stock returns and what aspects need to be
considered. This research is a descriptive statistical analysis using secondary data. There are as
many as 44 companies whose IPOs are in the range of quarters 1-3 2022. The results of the
study show that in the first quarter a return of 1769.94%, the second quarter of -59.71% and the
third quarter of 886.99%. All of the main board companies get a return of 34.78%, the
development board of 2640.9% and the acceleration board of -77.65%. Aspects that need to be
considered in doing this for example such as measurement time, stock anomalies, IDX rules,
stock price charts, allotments and securities costs. The conclusions in this study, this strategy
can be done because it gets a high return with a cheap stock price, but it is also necessary to pay
attention to what aspects need to be considered when carrying out this strategy.
Keywords: Strategy, IPO, Stock Buying

Abstrak

Investor yang sudah melakukan pembelian dalam penawaran umum, setelah itu tahap
penjatahan dimana investor akan mendapatkan jumlah saham yang akan diperoleh nantinya,
setelah itu tahap pembagian saham kepada investor dan terakhir tahap pencatatan di BEI.
Dengan potensi harga yang rendah dan return yang tinggi pada saham IPO, hal ini membuat
investor penasaran bagaimana cara membeli seluruh saham IPO tersebut. Penelitian ini
bertujuan untuk menghitung return saham IPO dan aspek apa saja yang perlu diperhatikan.
Penelitian ini merupakan penelitian analisis statistik deskriptif dengan menggunakan data
sekunder. Ada sebanyak 44 perusahaan yang IPO berada di kisaran kuartal 1-3 2022. Hasil
kajian menunjukkan pada kuartal pertama return sebesar 1769,94%, kuartal kedua sebesar -
59,71% dan kuartal ketiga sebesar 886,99. %. Semua perusahaan papan utama mendapatkan
return 34,78%, papan pengembangan 2640,9% dan papan akselerasi -77,65%. Aspek-aspek
yang perlu diperhatikan dalam melakukan hal tersebut misalnya seperti waktu pengukuran,
anomali saham, aturan BEI, grafik harga saham, penjatahan dan biaya sekuritas. Kesimpulan
dalam penelitian ini, strategi ini dapat dilakukan karena mendapatkan return yang tinggi dengan
harga saham yang murah, selain itu perlu diperhatikan juga aspek apa saja yang perlu
diperhatikan dalam menjalankan strategi ini.
Kata Kunci: Strategi, IPO, Pembelian Saham

INTRODUCTION
The term Initial Public Offering (IPO) is better known in general as Go Public, this is
done by a company selling part of its ownership in securities or securities to the public,
there are several reasons why companies choose an IPO such as debt payments,
business or working capital, development business, corporate restructuring, or
investment (Hendarsih, 2017). Investors are often interested and take advantage of this
 Journal of Business Administration Economic & Entrepreneurship
116 Vol. 4 No. 2, October 2022

moment to be able to buy IPO shares because the price is cheaper and they hope to get a
high return after being listed on the Indonesia Stock Exchange (IDX).
Buying IPO shares can be done by investors through securities, where securities are
companies that facilitate investors in buying or selling securities, there are several
stages for investors when they want to buy them and the first stage is an initial offer,
here interested investors can provide a price range, price determination shares in public
offerings are very important for companies because they are related to funding and risks
that will be borne by the underwriter (Saifudin & Rahmawati, 2016), every company
that wants to do an IPO must be accompanied by an underwriter (underwriter).
The price offered is too high, while low investor interest will create risks that must be
borne by the underwriter. The risk of shares that are not fully sold will be borne by the
underwriter (Alviani & Lasmana, 2015), the situation when the price is low is avoided
by the company, this is because the company cannot get maximum funding through the
IPO (Ayu, Kartika, Pande, & Putra, 2017 ).
After that, the public offering stage is where investors can buy a predetermined price.
Investors who have made purchases in the public offering, after that the allotment stage
where investors will get the number of shares that will be obtained later, after that the
stage of distribution of shares to investors and finally the stage of listing on the IDX.
The potential for low prices and high returns has made some investors curious about
how to buy all IPO shares, due to confusion about which IPO shares are potential,
especially when there is unclear information circulating in the mass media about the
company.
The securities only display a brief description, who is the underwriter, the number of
outstanding shares, a prospectus which contains a combination of profiles, company
financial statements and the use of IPO funds and finally the company's line of business
that will be IPO. Previous research has shown that there are many factors that influence
the prices of IPO shares such as those done by Vanesa & Gideon (2022), Muhammad &
Risna (2022), Cornelia, et al (2021), Susilawati, et al (2022), Ramadani (2020) and
Wardoyo & Sapariyah (2021).
Therefore, this study aims to calculate the return that can be obtained if investors carry
out a buying strategy on all IPO shares and what aspects need to be considered when
carrying out this buying strategy which is carried out in quarters 1-3 2022.

LITERATURE REVIEW
Shares are evidence of equity or fund ownership in a company entity, with such capital
participation, the party can have a claim on the company's income, assets and is entitled
to attend the General Meeting of Shareholders (GMS) held by the company. (Fahmi,
2012) Initial Public Offering is the first sale of public shares made by a company to
general investors and is called Initial Public Offering (IPO).
This public offering is carried out through the primary market which lasts a short time
and only lasts a few days. The offering of securities on the primary market is carried out
directly by the issuer to potential investors with assistance from the securities company
as the underwriter and assisted by the existence of a sales agent, the price determination
is determined jointly.
Hendarsih (2017), in conducting an IPO, the company needs assistance from many
parties so that the process carried out can run smoothly until the time the shares are
ready to be purchased by investors later. These parties generally come from
underwriters, notaries, appraisal companies, and legal consultants. All parties have their
own duties, until the shares are offered to investors.
 Journal of Business Administration Economic & Entrepreneurship
Vol. 4 No. 2, October 2022 117

METHODS
This type of research is descriptive statistical analysis using secondary data obtained
through the IDX, securities magic and securities stockbits in obtaining information
about company names, boards, initial prices and latest prices on IPO shares, while also
using other data contained in scientific articles that help in completing this research.
RESULTS AND DISCUSSION
The calculation of IPO stock returns is divided quarterly, the data used is IPO shares in
the 1-3 quarter of 2022, in the first quarter of 2022 there are 12 companies consisting of
2 main board companies, 8 development board companies and 2 acceleration board
companies, while the results of the return calculation are as follows: below this :
Table 1. IPO Q1 2022
Starting
No Name Board Code Now Return
Price
1 PT Adaro Minerals Indonesia Development ADMR 100 1765 1665%
2 PT Semacom Integrated Development SEMA 180 158 -12,22%
3 PT Autopedia Sukses Lestari Development ASLC 256 136 -46,87%
4 PT Net Visi Media Development NETV 196 230 17,34%
5 PT Mitra Angkasa Sejahtera Development BAUT 100 50 -50%
6 PT Champ Resto Indonesia Development ENAK 850 1875 120,58%
7 PT Nusatama Berkah Development NTBK 100 50 -50%
8 PT Adhi Commuter Properti Main ADCP 130 74 -43%
9 PT Sumber Mas Konstruksi Acceleration SMKM 264 520 96,96%
PT Nanotech Indonesia
10 Acceleration NANO 100 45 -55%
Global
PT Sumber Tani Agung
11 Main STAA 600 1130 88,33%
Resources
PT Sepeda Bersama
12 Development BIKE 170 255 38,82%
Indonesia
Total 1769,94%
Source: data processed 2022
Through the table above, the total return if investors make a purchase strategy for 12
IPO shares in the first quarter of 2022 is 1769.94%. The highest return was obtained at
ADMR of 1665% and the lowest return was obtained at NANO of -55%. In the 2nd
quarter of 2022, there are 4 main board companies, 3 development board companies and
2 acceleration board companies, as for the calculation of the return as follows:
Table 2. IPO Q2 2022
Starting
No Name Board Code Now Return
Price
1 PT WIR ASIA Development WIRG 168 256 52,38%
PT Sigma Energy
2 Development SICO 230 197 -14,34%
Compressindo
3 PT GoTo Gojek Tokopedia Main GOTO 338 200 -40,82%
4 PT Teladan Prima Agro Main TLDN 580 580 0
5 PT Murni Sadar Main MTMH 1280 1665 30,07%
6 PT Indo Boga Sukses Acceleration IBOS 100 90 -10%
 Journal of Business Administration Economic & Entrepreneurship
118 Vol. 4 No. 2, October 2022

7 PT Winner Nusantara Jaya Main WINR 100 50 -50%

PT Oscar Mitra Sukses
8 Acceleration OLIV 100 31 -69%
Sejahtera
PT Cilacap Samudera
9 Development ASHA 100 142 42%
Fishing Industry
Total -59,71%
Source: data processed 2022
Through the table above, the number of returns if investors make a strategy to buy 9
IPO shares in the 2nd quarter of 2022 is -59.71%, in this quarter the investors do not get
a return and instead the losses are different as in the second quarter. The highest return
was obtained at WIRG of 52, 38% and the lowest return was obtained at OLIV of -59%.
In the 3rd quarter of 2022, there are 2 main companies, 17 development board
companies and 4 acceleration board companies, as for the calculation of the return as
follows:
Table 3. IPO Q3 2022
Starting
No Name Board Code Now Return
Price
1 PT Saraswanti Indoland Development SWID 200 114 -43%
Development
2 PT Chemstar Indonesia Development CHEM 150 105 -30%
3 PT Arkora Hydro Development ARKO 300 625 108,33%
4 PT Cerestar Indonesia Development TRGU 210 230 10%
5 PT Dewi Shri Farmindo Development DEWI 100 246 146%
6 PT Tera Data Indonusa Development AXIO 140 230 64,28%
7 PT Bangun Karya Perkasa Development KRYA 125 360 188%
8 PT Habco Trans Maritima Development HATM 160 412 157,5%
9 PT Main Radar Cahaya Acceleration RCCC 145 112 -17,03%
10 PT Aman Agrindo Development GULA 250 204 -18,4%
11 PT Agung Menjangan Acceleration AMMS 100 49 -51%
Mas
12 PT Jhonlin Agro Raya Development JARR 300 310 ³,33%
13 PT Sari Kreasi Boga Development RAFI 125 144 15,2%
14 PT Mora Telematika Main MORA 396 575 45,2%
Indonesia
15 PT Estee Gold Feet Acceleration EURO 70 127 81,42%
16 PT Pelayaran Nasional Main ELPI 200 210 5%
Ekalya Purnamasari
17 PT Kusuma Kemindo Development KKES 105 136 29,52%
Sentosa
18 PT Segar Kumala Development BUAH 388 685 76,54%
Indonesia
19 PT Rohartindo Nusantara Development TOOL 127 88 -30,70%
Luas
20 PT Klinko Karya Imaji Acceleration KLIN 100 46 -54%
21 PT Hetzer Medical Development MEDS 125 171 36,8%
 Journal of Business Administration Economic & Entrepreneurship
Vol. 4 No. 2, October 2022 119

Indonesia
22 PT Toba Surimi Industries Development CRAB 150 210 40%
23 PT Black Diamond Development COAL 100 224 124%
Resources
Total 886,99%
Source: data processed 2022
Through the table above, the total return if investors make a purchase strategy for 23
IPO shares in the 3rd quarter of 2022 is 886.99%. The highest return was obtained at
HATM of 157.5% and the lowest return was obtained at KLIN of -54%. If investors
only make purchases on one board during quarters 1-3 2022, the return calculation is as
follows:
Table 4. IPO Q1-3 2022
No IPO Return Board Return
1 Quarter 1 1769,94% Main 34,7i%
2 Quarter 2 -59,71% Development 2640,09%
3 Quarter 3 886,99% Acceleration -77,65%
2597,22% 2597,22%
Source: data processed 2022

Through the table above, the highest return obtained is 2640.09% if investors carry out
strategies only on the development board, while the main board actually gets a return of
34.78% and the acceleration board of -77.65%. This shows that purchasing only at
companies with development boards has the potential to generate high returns compared
to development and acceleration boards, even purchasing at companies with
acceleration boards tends to have the potential to suffer losses.
This strategy is not as easy as it seems, that carrying out a buying strategy on all IPO
shares in quarters 1-3 2022 will get a return of 2597.22%, although there are some
limitations to this research, this strategy should be carried out by investors through
consideration of what aspects
There are only limitations in this research first, for example, such as: The timing of the
return measurement in the data in the study is calculated as of November 6, 2022, this
can be possible as in table 2 the loss almost reaches -59.72% and it may in the future
reach a loss of 100%, although there are also advantages such as in table 1 which
reached 1769, 94% and it could still experience unlimited gains in the future.
1. The increase in stock prices on ADMR rarely occurs, or can be called an anomaly,
ADMR can experience such a large increase due to positive sentiment on ADRO as
the parent company, in general the highest return obtained is in the range of 100%,
above that rarely happens especially after a long time since being listed on the IDX
the price tends to be stable and does not decrease.
2. The historical data in this study cannot be 100% used as a price reference in the
future
 Journal of Business Administration Economic & Entrepreneurship
120 Vol. 4 No. 2, October 2022

3. The current IDX rules have a maximum Auto Rejection Upper (ARA) of >35% at a
share price of Rp. 50-200, while >25% on the share price of Rp. 200-5000 and >20%
at share price >5000 and Lower Auto Rejection (ARB) of 7%
4. The calculations in this study do not calculate the highest or lowest price on the
stock, because the price is calculated as of November 6, 2022, the stock price at the
time of the highest or lowest price will definitely have a different calculation,
because price movements are the same as moving dynamically.
5. The existence of an allotment system that does not allow buying in lots of lots needs
to be considered by investors when making a buying strategy for all IPO shares.
6. There is a calculation of the cost of securities in buying and selling shares, each
security has a different cost.

CONCLUSION
The buying strategy on all IPO shares got a high return of 2597.22% and the
development board which received the most return of 26.40% compared to other boards,
especially the acceleration board actually got a loss of -77.65%. Some aspects that need
to be considered in doing this, for example when calculating the return of this study, the
presence of stock anomalies, IDX rules, dynamic stock price charts, limitations on stock
allotments and securities costs in buying and selling transactions.

REFERENCES
Alviani, & Lasmana. (2015). Analisis Rasio Keuangan ROA, ROE, Price Earning Ratio
Terhadap Underpricing Saham Perdana. Studi Kasus: Perusahaan yang Melakukan
IPO di BEI Periode 2008-2011. Jurnal Akunida, Vol 1, No 1.
Ayu, G., Kartika, dkk. (2017). Faktor-Faktor Underpricing Initial Public Offering Di
Bursa Efek Indonesia. E-Jurnal Akuntansi Universitas Udayana, 19, 2205–2233
Cornelia, Karina. (2021). Faktor-Faktor yang Memengaruhi Underpricing Saham pada
Perusahaan yang Melakukan Initial Public Offering (Ipo) di Bursa Efek Indonesia.
Jurnal Sosial dan Budaya Syar-i, Vol 8, No 4.
Fauzan, Muhammad & Wijayanti, Risna. (2022). Kinerja Keuangan Perusahaan
Sebelum dan Sesudah Initial Public Offering (IPO). Jurnal Manajemen Resiko
dan Keuangan, Vol 1, No 3.
Hendarsih, Ida. (2017). Strategi Membeli Initial Public Offering (IPO) di Pasar Modal
Perdana Indonesia. Jurnal Moneter, Vol 2, No 4.
Indonesia Stock Change. (2022). Aktivitas Pencatatan.
https://www.idx.co.id/perusahaan-tercatat/aktivitas-pencatatan/, diakses pada 6
November 2022.
Ramadani, Lalu Ahmad. (2020). Oversubscribed, undersubscribed, dan Initial Public
Offering (IPO) saham Syariah di Indonesia. Journal of Enterprise and
Development, Vol 2, No 1.
Sandjaja, V., & Budiwitjaksono, G. (2022). Analisis Proceeds, Profitability, Financial
Leverage dan Kondisi Pasar Terhadap Overpricing pada Perusahaan yang
Melakukan Initial Public Offering (IPO) di Bursa Efek Indonesia (BEI) Tahun
2013-2021. Jurnal Ilmiah MEA (Manajemen, Ekonomi, & Akuntansi), 6(2), 716-
733.
 Journal of Business Administration Economic & Entrepreneurship
Vol. 4 No. 2, October 2022 121

Susilawati, Cicilia Erna. (2022). Perbedaan Underpricing dan Volatilitas Harga Saham
Perusahaan yang IPO Sebelum dan Selama Pandemi Covid-19 di Bursa Efek
Indonesia. Jurnal Ekonomi dan Bisnis Dharma Andalas, Vol 24, No 1.
Wardoyo, Imanuel Purna Putra & Sapariyah, Rina Ani. (2021). Analisis Underpricing
Pada Saat Perusahaan Melakukan IPO. Journal of Accounting, Vol 8, No 2.