GARUDA Indonesia’s initial public offering (IPO) has left three underwriters—Bahana Securities, Danareksa Sekuritas, and Mandiri Sekuritas—on the losing side. Instead of making profits, the state-owned brokers stood to record big losses in their February balance sheets as the price of the shares continued to nosedive.

From the first day of offering on the Indonesia Stock Exchange on February 11, the shares of the country’s flag carrier h