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AKARTA: Newly listed lender PT Bank Nationalnobu is planning to open new branches in eastern Indonesia using funds recently raised from an initial public offering (IPO).

The company, whose shares are listed on the Indonesia Stock Exchange (IDX) under the code NOBU, is targeting to have at least 70 branches by year's end from the current 52 branches, according to president director Suhaimin Djohan.

'We will open two branches this week. Moreover, we want to seek approval from the central bank to have up to 100 branches as our capital has now reached Rp 1 trillion (US$10 million) following the IPO,' Suhaimin said after the bank's shares listing on Monday.

'We will open more branches in eastern Indonesia as we see low penetration and less competition there.'

NOBU raised Rp 808 billion from selling 2.15 billion new shares priced at Rp 375. Shares in NOBU opened at Rp 450 on Monday, a 20 percent increase from its IPO price.

The company is targeting to book Rp 1.4 trillion in lending by the end of the year, a massive increase compared to Rp 413 billion in 2012.

The bank is also expecting third party funds to rise by around 30 percent to Rp 1.8 trillion by year's end compared to Rp 964 billion in 2012.

Suhaimin said the bank had disbursed Rp 480 billion in lending as of the end of April and that its third party funds stood at Rp 1.3 trillion.