PT Zyrexindo Mandiri Buana Tbk (ZYRX) officially listed its shares on the Indonesia Stock Exchange (IDX) Tuesday (30/3) by releasing 333.33 million new shares, equivalent to 25% of the issued and fully paid capital with an exercise price of Rp250 per share.

After the initial public offering (IPO), ZYRX received fresh funds of more than Rp80 billion, of which 58% of the IPO proceeds will be used as working capital and the rest for capital expenditures.

President Director of Zyrexindo Mandiri Buana Timothy Siddik said that the company had decided to take the stock exchange floor and conduct an IPO since 2019. The IPO is part of the strategy to increase capital to develop Zyrexindo's business.

"We are optimistic about the business prospects for technology products in Indonesia, especially in the midst of this digitalization era. This is coupled with support from the government in campaigning for Proud Made in Indonesia, as well as conditions for work, study from home that encourages demand for laptops and other technology products, "he said in Jakarta on Tuesday (30/3).

Timothy added, Indonesia currently has 50 million students from elementary to high school levels. Laptops as teaching and learning activities both while at home or school are very much needed.

"Therefore, in the midst of high demand for laptops, we will increase the number of production lines to meet the high demand. It is projected that throughout 2021 Zyrexindo can record revenue growth of 80% compared to the previous year, "he explained.

In initial trading, ZYRX shares shot up to 24.80% and touched the upper auto rejection (ARA) limit to the level of Rp312 per share.