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There are two things that need to get issuers attention in doing public offering for the stocks, which is when the offering will be did
and in what price the stocks will be offered. Both factors determine the succeed of issuers get the fund in capital market which signed with
selling all offered stocks Shahaluddin Haikal, 1996 Settlement of company stock price is a point that determine in
get the fund from stock public offering in initial market which is known as Initial Public Offering. In this step, company hasn’t have guidance
about beneficial capital market price for issuer or investor. Stock value have to refer to the real company value and monetary value which
wished will be got from IPO based company capitalization. To determine stock value, emission guarantor do earlier scoring which
usually compared with similar company emission which listed in stock exchange. Rating will be done with deeper analysis of financing
projection of issuer candidate. Stock price settlement in prospectus in huge amount that have
to paid by investor in stock offering time with using offering buying form through appointed bank. Settled stock price in offering period is
the real amount that has to be paid by investor. If there is a differentiate of stock price with the highest limit settled in offering, so there will be
cash back after maturity.
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Determination of initial price is a the most difficult matter for issuer and issuer guarantor. If the price is too high, so the stocks wont
be fully sold out, otherwise if the price is too low, the share holder face the possibility of loss.
Determination of initial stock price hasn’t done through supply and demand mechanism which proceed through auction opening in
stock exchange, but done together between emission guarantor and issuer trough negotiation process. Initial stock price valuation
theoretically can be measured with using these analyses:
a. Income approach
Stock intrinsic approach determined based on payback period from stock infestation which determined using fairness ratio from capital
market and earnings per share which known with Price to Earnings Ratio PER, with this formulation:
PER: stock price: earning per share In this appraisal model first issuer determine the wanted PER and
next multiply with EPS projection at that year.
b. Net Tangible Assets Approach NTA
In this approach, the value of stock determined by net asset company divided of issuing shares. Net that recognized by listed
company in financial report or company balance sheet. NTA can be calculated using total of net asset outside intangible asset minus
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total of liability divided the issuing stocks. Explanation of intangible asset is capital asset that has no physical appearance and
the value dependant to the right in their holder. For doing analytic and choosing stock there are two
approaching which are, Fundamental Approaching and Technical Approaching.
a. Analytic Approaching
Technical analytic is a study about action market supported by certain graphic. This analytic is made by seeing market
price, market fluctuation, also estimation with using pattern that made by graphic and or mathematic calculating about past price
movement can be predict for the future price Ahmad Rodoni, 2008:62.
b. Fundamental Approaching
This approaching is analytic which done toward that company which related with prospectus and ability to get
profit which including three analytic steps, which are 1 macro economy 2 industry and 3 company Ahmad
Rodoni, 2008:70. Fundamental analytic trying to estimate future stock
price with:
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1 Estimating value of fundamental factors which influencing future stock price.
2 Applied those variable relationship so get the estimation stock price.
This model often called as share price forecasting model, and often used in Securitas analytic Suad Husnan, 2008:307.
Initial stock price settlement not merely measured by calculation of fundamental data of a company and also considering
ability of capital market when general offering. Nonetheless initial stock price settlement has to be encouraged with calculation of
issuer financial fundamental data. Fundamental Factor :
a. Company Characteristic
According Ahmad Rodoni, 2008:70 said that this analytic aimed to see company situation for company aspect like company
financial condition, marketing condition, production and marketing.
1 Return on Assets ROA. This ratio is used to measure asset efficiencies that used by company to produce
profit. This ratio is calculated with dividing available net profit for shareholders with total asset.
