The company, listed on the stock market under the ticker code “MAPA”, will open a total of 100 stores this year, consisting of a mix of its current store brands, such as Sports Station, Golf House, Planet Sports, Kidz Station and The Athlete’s Foot, among others.

“By the end of the first half, we had opened almost half of our target for this year,” said MAPA corporate secretary Ratih D. Gianda at the Indonesia Stock Exchange (IDX) building in Jakarta on Thursday.

The company currently has 963 stores in 71 cities in Indonesia, 70 percent of which are located in Java.

It is hoping that its sales improve this year compared to 2017 when it recorded 12 percent year-on-year (yoy) in top-line growth.

“Although the rupiah has been depreciating recently, everyone needs sports, and we dominate the market with many stores in every city. So we are optimistic about our sales growth this year,” she said.

In terms of same-store sales growth (SSSG), the company was able to record around 13 to 14 percent last year. SSSG represents revenue generated by a retail chain’s existing outlets relative to a similar period in the past.

Indonesia’s economy grew by 5.06 percent during the first three months of the year, fueled by growth in consumption, which was the largest contributor to GDP, as well as investment, which stood at 7.95 percent, according to Central Statistics Agency (BPS) data.

Several department stores in Jakarta permanently closed their doors at the end of last year, including Lotus and Debenhams, both overseen by MAP Active’s parent, Mitra Adiperkasa, due to declining retail sales.

During the company’s first listing day on Thursday, its shares rose by 11.9 percent to Rp 2,350 (17 US cents) per share on the opening session of the bourse, from its initial listing price of Rp 2,100. In the closing session, its shares surged by 50 percent to Rp 3,150 per share.

The company received fresh funds equal to Rp 897.87 billion from the IPO on Thursday.

Around 90 percent of the proceeds will be allocated for repayment of noninterest bearing bonds issued for Asia Sportswear Holding Pte. Ltd., with the remaining 10 percent for working capital.

“Now we are becoming a publicly listed company with a sound capital structure; using the proceeds from the IPO, we hope to increase our company’s brand equity,” Ratih said.

MAP Active represented one third of its parent company’s revenue last year, said Fetty Kwartati, MAP’s investor relations and corporate communications director.

“MAP has four groups, comprising MAP Active, Starbucks, fashion and department stores. MAP Active is one of the biggest contributors to our growth,” she stated.

Big events, such as the 2018 Asian Games, slated to be held from Aug. 18 to Sept. 2 in Jakarta and Palembang, South Sumatra, is also expected to support the whole group’s earnings as the event will drive up consumption.

The company is the second subsidiary of Mitra Adiperkasa to go public. Last year, PT MAP Boga Adiperkasa (MAPB), which manages popular coffee shop brand Starbucks, also conducted an IPO.

Mitra Adiperkasa, however, does not have any plans to publicly list its other subsidiaries in the future.

According to its financial report, MAP Aktif Adiperkasa had total assets of Rp 2.79 trillion and equity of Rp 981 billion as of Dec. 31, 2017.

Net revenue was recorded at Rp 5.08 trillion, while net income for the current year stood at Rp 292.59 billion, the report shows.

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