Like Indonesia, its national airline Garuda is a turnaround story. With most turnarounds, there are many growing pains.

Garuda had its IPO in Jakarta on Friday and suffice to say, it was a disappointment.

Garuda shares were priced at Rp750 per share (equivalent to 8 U.S. cents). Going into the IPO , there had been heavy criticism that the shares were overpriced compared to the price-to-earnings ratio of other airlines.

The market confirmed that. By the end of the day, Garuda shares finished 17% lower at Rp620 per share.

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