Jakarta. Electric bus distributor VKTR Teknologi Mobilitas (VKTR), was officially listed on the Indonesia Stock Exchange on Monday morning with a total of 43.75 billion shares on offer at the price of Rp 100 each.

In the IDX secondary market, the price surged to Rp 135 during the first session before declining to around Rp 119 -- still 19 percent higher -- before noon.

VKTR Chief Commissioner Anindya Bakrie said the company is focused on the sales of commercial electric vehicles, especially buses and trucks, as the country has considerable untapped potential in this market.

“According to data, Jakarta alone will need more than 10,000 buses by 2030. The number is 20 times higher when we calculate the similar demand across Indonesia,” Anindya said in a statement.

VKTR has established a partnership with Chinese-based BYD Auto, the world’s largest electric bus producer, to supply bus operator TransJakarta with 30 electric buses with an additional 22 in the near future.

A subsidiary of Bakrie Group, VKTR currently imports completely-built-up K-9 buses from BYD’s factory in Shenzhen, China.

“However, we are in the process of building an assembly plant facility in Indonesia through a partnership with local company Trisakti. The facility will be located in Magelang, Central Java, with a capacity of 500 units a year,” VKTR Chief Executive Officer Gilarsi Setijono said.

“We are committed to developing this facility into a reliable manufacturing line capable of producing more than 3,000 vehicles a year. It is our hope that we will eventually meet the local purchase requirements set by the government in producing electric vehicles.”