SKIET's shares were priced at 105,000 won each which was the top of the range announced in a regulatory filing last month to raise about 2.2 trillion won ($1.98 billion).
The pricing values the battery material maker at 7.5 trillion won, which analysts said should be enough lift the company into the benchmark KOSPI 200 index.
"The rupiah may continue its outperformance the global hunt for yields should drive more inflows into its bond markets which would be a major supportive element for the Indonesian currency," Tan added.
In offshore trading, the won was quoted at 1,101.9 per dollar, up 0.4% from the previous day, while in non-deliverable forward trading its one-month contract was quoted at 1,100.1.