Jakarta. Property developer Bangun Kosambi Sukses, known for its upscale coastal city Pantai Indah Kapuk (PIK) 2 in Tangerang, Banten, officially debuted on the Indonesia Stock Exchange (IDX) on Monday. The company’s initial public offering (IPO) raised Rp 2.3 trillion ($141 million) through the sale of 566.89 million shares.

On its first trading day, Bangun Kosambi Sukses’s stock surged 25 percent to Rp 5,075 from the IPO price of Rp 4,060, triggering the circuit breaker and causing an automatic suspension. Trading under the ticker symbol CBDK, the shares were oversubscribed by more than 344 times, attracting 168,874 investors.

Steven Kusumo, the company’s CEO, said the IPO was aimed at raising public funding to expedite key projects within the PIK 2 development, particularly the Nusantara International Convention and Exhibition (NICE).

“NICE will span 19 hectares and serve as a centerpiece of PIK 2’s central business district, featuring a convention and exhibition center with an area of approximately 120,000 square meters. The center is projected to be partially operational by September 2025,” Steven said.

A portion of the IPO proceeds will be used to acquire a stake in Industri Pameran Nusantara, the company responsible for leading the NICE project.

Bangun Kosambi Sukses is a joint venture between prominent property developers Agung Sedayu Group and Salim Group.

Steven, 34, assumed the role of CEO last year. He is closely related to CBDK’s Chief Commissioner Richard Halim Kusuma and CBDK’s Director Linda Kusumo.