Jakarta. Electric bus distributor VKTR Teknologi Mobilitas, a subsidiary of Bakrie Group, began Tuesday the initial public offering for 8.75 billion shares at a price of Rp 100 per share.

The IPO covers 20 percent of the company’s overall shares, expected to generate Rp 875 billion ($58.9 million) in fresh funds, the company said in a statement on Tuesday.

VKTR plans to get formally listed on the Indonesia Stock Exchange on June 19. 

The IPO price was determined by an agreement with underwriters namely Ciptadana Sekuritas, Samuel Sekuritas, and Trimegah Sekuritas achieved during the book-building process.

Founded in November 2007 as Bakrie Steel Industries, the company changed its name to VKTR Teknologi Mobilitas in March last year.

Its main businesses include the sales and distribution of electric vehicles and auto parts and accessories.

VKTR began to supply electric buses to local customers in 2018 in cooperation with China’s BYD bus manufacturer.

Last year, VKTR reached an agreement with TransJakarta to supply BYD electric buses in the capital city and has since sold at least 30 buses to land transport company Mayasari Bakti.