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ungleLand theme park operator Graha Andrasentra Propertindo, controlled by Bakrie Group’s property arm Bakrieland Development, will build more theme parks and hotels in the near future, after recently securing funds through an initial public offering (IPO).

Graha Andrasentra president director Agus Jayadi Alwie said the company would bet high on the future growth of the leisure industry and launch eight new projects in 2017 and 2018 — comprising four theme parks and four hotels — in Bogor, Malang, Surabaya and Medan.

The company, the eighth firm to go public on the Indonesia Stock Exchange (IDX) this year, will use a part of the Rp 300 billion (US$22.5 million) it raised from its recent IPO to finance the projects. Most of the theme parks will be built on a single site, and the hotels are set to sit on a separate site of roughly 50 hectares and cost Rp 70 billion to Rp 200 billion.

“We believe an economic recovery along with a growing population and an emerging middle-income market will support our expansion well,” he told reporters on the sidelines of the company’s listing debut at the IDX on Wednesday.

Eight to 9 million people are expected to enter the middle-income bracket every year in Indonesia, until the total reaches 141 million in 2020, according to the Boston Consulting Group. The country’s economic growth is expected to recover to 5.2 percent this year from a six-year low of 4.79 percent last year.

Tapping into these future growth prospects, Graha Andrasentra has allocated up to Rp 500 billion for capital expenditure this year, of which Rp 300 billion will come from the IPO proceeds and the remaining Rp 200 billion from bank loans and internal cash.

The eight new projects will add to the company’s five existing properties: JungleLand theme park in Sentul, Jungle Water and Jungle Fest theme parks in Bogor, Aston Bogor Hotel and Resort, Bogor Nirwana Residence and Bogor’s Jungle Sky Apartments.

Agus notes that each existing theme park attracts 1.2 million visitors each year on average, and during Idul Fitri festivities the average number of visitors can multiply by 1.5, to 12,000 people per day visiting each park.

Graha Andrasentra aims to increase the number of park visitors to see revenue grow by more than 10 percent this year. Last year, it booked Rp 366.4 billion in revenue, although its bottom line posted a
Rp 254.8 billion loss.

Shares in Graha Andrasentra, traded on the IDX for the first time on Wednesday with the code JGLE, rose to Rp 173 apiece on its debut, 23.5 percent more expensive than the IPO price of Rp 140 a share.

The company, established in 1988, is one of the key players in the leisure industry in Indonesia, where half of the 250 million plus population is aged under 55.

Pembangunan Jaya Ancol, Graha Andrasentra’s competitor and the operator of Indonesia’s oldest theme parks, Ancol and Dufan (Dunia Fantasy) in Jakarta, booked Rp 1.13 trillion in revenue last year, a 2.7 percent increase on 2014 figures. Its net profit rose 22.9 percent in 2015, to Rp 290.8 billion.

Rating agency Pefindo predicts Pembangunan Jaya Ancol’s theme parks — built on 552 ha of land — will reap Rp 1.3 trillion in revenue this year thanks to a growing population, an economic recovery and expansion plans. Ancol and Dufan offer dozens of rides, from adrenaline-rush rides to sea world activities.