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n Indonesian information technology firm, Anabatic Technologies, received a warm welcome from investors during its debut on the Indonesia Stock Exchange (IDX) on Wednesday.

Listed under the code ATIC, Anabatic saw its shares rising by 18 percent to Rp 770 (6 US cents), from its initial public offering (IPO) price of Rp 650, several minutes after the market opening. The price rally continued to reach a peak of Rp 825 in the morning trading, before sliding to Rp 725 at the close.

Anabatic'€™s president director Handojo Sutjipto said he was pleased with the debut.

'€œRegardless of the slumping stock market and macro-economic conditions, we are proud of Anabatic'€™s share prices, which surged almost 20 percent from its IPO price,'€ Handojo said, recalling that the firm, which started with only 12 personnel, now had up to 1,200 staff.

Anabatic, which appointed Bahana Securities as underwriter, previously pocketed Rp 265 billion from an initial offering, representing 20 percent of its enlarged capital, of which 50 percent will be used for business expansion and capital expenditure (capex), 30 percent for debt refinancing and another 20 percent for working capital.

Part of the IPO money will be used to expand the company'€™s business overseas. Anabatic is currently in the process of acquiring two Malaysian companies.

The company had seen its revenues growing in previous years. In 2014, the company earned Rp 2.57 trillion, increased from Rp 2.48 trillion in 2013. It gained Rp 81 billion in net income, an increase from Rp 74,92 billion in the previous year. '€” JP/saf