Officially listed on the Indonesia Stock Exchange (IDX), PT Fimperkasa Utama Tbk (FIMP) earned Rp20 billion in fresh funds.

The company offered 160,000,000 new shares, which is equivalent to 40% of the total paid-up capital after the IPO. With the share offering price set at Rp125 per share, the company will reap fresh funds of Rp20 billion.

Main Director of Fimperkasa Utama Muhammad Mulky Thalib said the company's entry into the stock market could be a strategic choice in its business development.

"We hope that by doing this listing we will provide flexibility to our efforts and also choices in our growth strategies. Then it is no less important, namely making a positive contribution to stakeholders, to the environment, and also to the communities in which we operate, "said Mulky, on Friday (9/4).

The new public listed company will use the funds for working capital. The company will employ around 42.5% of IPO proceeds for working capital, and 40% of the funds will be used to purchase heavy equipment to support please cut and fill business activities.

Meanwhile, the company earmarked the remaining 17.5% funds to repay part of the company's loan principal. After the IPO, FIMP estimates the company will grow 15% annually.

Fimperkasa Utama, established in 1993, is a company that focuses on design process services, land preparation (cut and fill), and the primary construction process.