PT Sumber Alfaria Trijaya, which operates Alfamart minimarket, listed its shares on the stock market on Thursday, making it the first firm to go public this year.

The listing follows the sale of 10 percent of the company's stake in an initial public offering (IPO) last week, when the country's second largest minimarket chain offered its 10 percent stake at a price of Rp 395 (3.5 US cents).

The shares were eventually oversubscribed 1.25 times, Sumber vice president director Henry Komala said.

The management had earlier targeted to sell shares at a price of up to Rp 475 a share to raise Rp 150 billion of fresh funds.

However, due to prevailing unfavorable market conditions, the company decided to lower its target to be more realistic.

It finally managed to raise Rp 135.5 billion from the IPO.

After the IPO, the composition of shareholders at Sumber becomes; PT Sigmantara Alfindo with 54 percent, PT Cakrawala Mulia Prima with 36 percent, and the public with 10 percent.

Sigmantara is 78.2 percent-owned by Djoko Susanto, Sumber's owner and founder, 21.3 percent by PT Cipta Selaras Agung and 0.5 percent by Hanto Djoko Susanto, a son of Djoko.

Cakrawala meanwhile is affiliated with Northstar Pacific, a partner of the US Texas Pacific Group.

The company would use part of the IPO funds to open up to 500 new stores with a total investment of Rp 500 billion. Currently, Sumber has 2,800 outlets across Java, Lampung and Bali.

Now that it has become a publicly listed firm, Henry said this year the company is targeting to increase its sales by 25 percent to Rp 10 trillion, as demand for basic necessities remains robust despite the adverse economic circumstances.

Sumber booked Rp 3.6 trillion in revenue and a modest Rp 44 billion in net profits as of June 2008.

Total assets stood at Rp 1.8 trillion in the same period.

After Sumber, another company setting its sights on an IPO is PT Katarina Utama, a local telecommunication services company, Indonesia Stock Exchange Director Erry Firmansyah said recently.

Primapetro, oil and gas services provider, and another telcom services company Power Telecom are next in line.

Those companies are amongst 11 companies which have planned to launch an IPO this year.

Last year, IDX saw 19 companies going public, coming in under the initial IPO target of 25 companies, set before the stock market collapse.

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