Jakarta. A fast food restaurant chain called Ayam Goreng Nelongso, which translates to 'miserable fried chicken,' began its initial public offering (IPO) on Friday to secure Rp 62.55 billion ($4 million) in fresh capital and achieve a listing on the Indonesia Stock Exchange.

Bersama Mencapai Puncak, the company behind the fried chicken and duck-specializing restaurant chain, offered 225 million shares at a price of Rp 278 per share.

The IPO is set to run until Feb. 12, with MNC Sekuritas and KGI Sekuritas Indonesia serving as underwriters.

Founded in the East Java town of Malang in February 2018 by local entrepreneurs Nanang Suherman and Yeni Isnawati, Ayam Goreng Nelongso has carved a niche by providing low-cost menus. The restaurant strategically targets university students by establishing outlets near dormitories and boarding houses across Java.

The 24-hour restaurant chain currently boasts 54 outlets and employs over 800 workers, including university students working part-time.

In a filing, the company outlined its allocation plans for the IPO proceeds. Approximately 66 percent will be dedicated to product development and marketing, while an additional 21 percent will be used for renovating outlets, warehouses, and offices. The remaining funds will be allocated for acquiring new machines and vehicles to support business operations and extending building rentals.

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