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ocal ice cream producer PT Campina Ice Cream Industry is preparing to become the first among its peers to list its shares on the Indonesia Stock Exchange (IDX) following the announcement of its initial public offering (IPO) slated to take place next month.

The company planned to release 885 million shares, which make up 15 percent of the allocated capital at a price range of around Rp 310 (0.02 US cents) to Rp 400, according to a statement issued by the board of directors on Wednesday.

Claiming to have at least 20 percent of the ice cream market share in Indonesia, the company expects to raise at least Rp 350 billion from the upcoming IPO, Rp 260 billion of which will be used to pay off its principal debt that will mature in 2021.

The remainder, meanwhile, would be used to finance the company’s expansion, said Campina president director Samudera Prawirawidjaja.

“The funds will be mostly used to upgrade our machinery and buy more freezers,” he said at a press conference.

The company has appointed PT Shinhan Sekuritas Indonesia as its underwriter.

Campina is expecting to obtain a letter of approval from the Financial Services Authority (OJK) by Dec. 6 to be able to list its shares on the IDX on Dec. 19 as planned.

For now, Campina has no plans to build another factory and will instead rely on its only manufacturing facility in Surabaya, East Java, which has a production capacity of 30 to 40 million liters of ice cream per year, Samudera said.

Despite Campina’s plan to use a large portion of the IPO funds for paying off debt, Samudera was optimistic about the result of the public offering, saying the company’s ice cream quality and the sales of its product variants would help convince potential investors.

“We are actually capable of paying off the loan by ourselves, but then we will not have enough cash left to develop [business],” he said.

Campina was established in 1972 in Surabaya by Darmo Hadipranoto and his wife under the name CV Pranoto. In 1994, its name was changed to PT Campina Ice Cream Industry after renowned dairy manufacturer PT Ultrajaya Milk Industry acquired the company.

As of November, Campina has 60 distribution points nationwide for its products, half of which are under its direct control.

Campina director Adji Andjono claimed the company had received offers to distribute its products overseas, particularly to New Zealand and Taiwan, but it currently had no interest in that.

“We prefer to focus on the local market for now because we see a large potential in Indonesia’s ice cream demand,” Adji said.

The company has set aside about Rp 30 billion for its capital expenditure (capex) this year, but has yet to determine the allocation for next year as it will wait for the results of the IPO first.

It is also foreseeing Rp 10 billion in annual net profit in 2017, which is a slight increase from the Rp 7.7 billion it generated in the first half of this year.

Additionally, Campina booked a 10.6 percent increase in net revenue in the first half of 2017, at Rp 480.8 billion, compared to the same period last year.

Its overall assets, meanwhile, stand at Rp 1 trillion, according to the IDX’s assessment.