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n a bid to help expand its services and attain 11 percent growth this year, information technology (IT) company PT Multipolar Technology is planning to raise up to Rp 187.5 billion by listing its shares on the stock exchange.

Hanny Untar, finance director at the company, said it would release 375,000,000 shares '€” equal to 20 percent of their enlarged capital '€”through their initial public offering (IPO).

The book building for the IPO is slated for between June 17-21 and the listing date will be July 8.

'€œShare prices would range between Rp 425 - Rp 500,'€ she said, adding that the company planned to utilize 28 percent of the funds to help cover their Rp 93.5 billion capital expense budget this year.

'€œWe are planning to purchase a property located in Lippo Village in Tangerang, office inventory, computers and other operational equipment,'€ she said.

According to her, the Rp 46.5 billion of funds raised from the IPO would be used to pay debts to parent company PT Multipolar (MLPL), the remainder would cover operational costs, such as salaries, administration and consultation fees.

Hanny said the various financial moves by the company would result in up to 11 percent growth in gross profit.

The company booked Rp 139.4 billion in gross profits in 2012; achieving 104 percent year-on-year growth.

'€œWe also seek to collect Rp 1.64 trillion in revenue and Rp 50.6 billion in net profit by the end of the year,'€ she added.

Multipolar Technology saw revenue rise by 33 percent year-on-year to Rp 1.33 trillion and net profits go up by roughly sevenfold annually to Rp 28.5 billion in 2012.

Harijono Suwarno, president director of Multipolar Technology, said the company sought to strengthen their portfolio of information technology services to capture new markets.

Multipolar Technology offers a wide range of enterprise-level information technology services from system integration, data center to consultant services.

'€œWe want to expand our product lineup in the banking sector to include mobile banking, mobile analytics and mobile payment,'€ he said, adding that banks were the company'€™s key client segment, contributing roughly 65 percent to revenues.

The company provides IT services via three subsidiaries. PT Visionet International provides IT services related to electronic payments and PT Graha Teknologi Nusantara deals in data centers. Their third subsidiary, PT Tecnovas International, has rights to provide services utilizing the 12 transponders intended for satellite television on the Lippo Star satellite.

Willianto Halim, a director at the company said the company saw huge potential in the IT services industry given the rapid growth of companies located in Indonesia.