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onstruction firm PT Nusa Raya Cipta plans to release 306.08 million shares, or 12.3 percent of its enlarged shares, in an initial public offering (IPO) next month.

In an announcement on Thursday, Nusa Raya, a subsidiary of developer PT Surya Semesta Internusa (SSIA), said it would use 75 percent of the funds generated from the IPO to finance several projects, including the construction of superblock Ciputra World II in Jakarta, Parahyangan Residence in Bandung and the Cikampek-Palimanan toll road.

The remaining funds will be allocated as company capital expenditure. PT Ciptadana Securities has been appointed as underwriter for the IPO.

Nusa Raya has not decided a price range for its shares. The book building period will run until June 7 and the company will hold a due diligence meeting and public expose on June 4.

The shares are expected to be listed on the Indonesia Stock Exchange (IDX) on June 27.