THE sale of shares of PT Garuda Indonesia in its initial public offering (IPO) was ill-fated. Until the end of the offering period on Tuesday last week, investors lacked zeal for the purchase of the state airline company’s shares.

Garuda originally planned to sell 9.4 billion shares (around 30 percent) to the public. But the demand of investors only reached about 6.27 billion shares (26.7 percent). The fund accumulated missed its target becaus