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onstruction company PT Acset Indonusa is expecting more property and infrastructure projects, including development in the capital city.

Finance director Agustinus Hambadi said on Tuesday that the company was targeting work on projects worth Rp 3 trillion (US$307 million) in total by the year end, a 10 percent increase compared to a year earlier.

He said the company had secured Rp 1.7 trillion in contracts as of the end of March, and Rp 2.4 trillion as of today.

'We may later reap contracts beyond our initial target but we are conservative and thus maintain it at Rp 3 trillion,' Agustinus said after the company's due diligence meeting for its plan of an initial public offering (IPO).

He said that one of the big contracts that the company recently won was construction in the development of Sudirman Central Business District (SCBD) District 8, where a complex of offices, apartments, hotel and retail facilities would be built, in South Jakarta.

The property belongs to property developer Agung Sedayu Group.

Agustinus declined to mention the value of contracts it obtained for the District 8 development.

The company previously worked on several projects in the SCBD area, including the high-end Pacific Place shopping mall and office building Equity Tower.

The company's other projects include Gandaria City, Kota Kasablanka, The Pakubuwono Signature, The Pakubuwono House and Town House, as well as the new British Embassy.

The new contracts this year are expected to help the company to meet its target to book Rp 1 trillion in revenues by the year's end, up by almost 50 percent from Rp 670 billion last year.

The company said that a growth in revenues would be followed by a rise in net profits to Rp 90 billion this year, which would be 70 percent up from Rp 53 billion last year.

As much as 77 percent of Acset's revenues last year came from construction service contracts and the remaining 23 percent from foundation contracts.

'Acset specializes in foundations,' Acset president director Ronnie Tan said when he was asked about the growing infrastructure projects. 'Many infrastructure projects go to state-owned enterprises. Acset can develop specialist construction projects.'

Tan added that Acset would participate in the subcontracting of the development of the Mass Rapid Transit project in Jakarta. The project is meant to help sooth chronic traffic jams in the capital.

'We are still in negotiation,' Ronnie said.

Acset is planning to offer 150 billion shares in an IPO, 100 billion of which will be in new shares and the remaining 50 billion in divestment shares of its shareholders PT Loka Cipta Kreasi and PT Cross Plus Indonesia.

Loka Cipta currently holds 55 percent of Acset's shares and Cross Plus owns 44 percent.

Acset will sell the shares at between Rp 2,200 and Rp 2,750, expecting to accordingly raise Rp 330 billion to Rp 412.5 billion from the IPO.

Acset will use around 50 percent of the funds raised from the planned IPO for working capital, 37.5 percent to pay bank loans and the remaining 12.5 percent to support capital expenditure.

The offering will run from June 14 to 18, and listing on the Indonesia Stock Exchange (IDX) is scheduled on June 24.

The bourse has welcomed nine new companies to date with Rp 3.35 trillion recorded in total funds raised.