Jakarta. Indonesia’s biggest movie theater chain Nusantara Sejahtera Raya, better known as Cinema XXI, was officially listed on the Indonesia Stock Exchange on Wednesday following a successful initial public offering in which it issued 8.3 billion new shares and raised Rp 2.25 trillion ($148 million) in fresh capital.

Cinema XXI’s shares were oversubscribed by 25.7 times during the IPO and the company was put on IDX’s main board during its trading debut in the secondary market under the code CNMA.

After the IPO, Cinema XXI now has 41,673 individual and institutional shareholders.

“Today is a new milestone for Cinema XXI after becoming a public company and is listed on the Indonesia Stock Exchange. Cinema XXI has been in the business for 35 years, getting through various economic and political crises, and most recently the health crisis of the Covid-19 pandemic,” Chief Executive Officer Hans Gunadi said in a statement.

The company previously said it plans to allocate 65 percent of the IPO proceeds toward building new theaters in various cities across Indonesia and acquiring projectors, sound systems, and other state-of-the-art equipment. Around 20 percent of the proceeds will be used for short-term debt repayment, while the remaining 15 percent will serve as working capital.

Founded in 1987, Cinema XXI currently operates 1,235 screens across 230 theaters in 71 cities, with a target of reaching 2,000 screens within the next five years, as per information available on the company's website.

The company has made investments in advanced technologies to enhance sound systems and picture quality, including IMAX and Dolby Atmos, in some of its theaters.