Jakarta. Terang Dunia Internusa, the owner of bicycle and electric scooter brand United, began Thursday the initial public offering to raise up to Rp 400 billion ($25.4 million) in fresh capital.

The company is offering 1.67 billion shares at a price of Rp 240 per share during the IPO that will end on February 5, with Mirae Asset Sekuritas and BRI Danareksa Sekuritas acting as underwriters.

The pre-IPO individual shareholders in Terang Dunia included Tan Tjoe Ing (30 percent), Stephen Mulyadi (27.5 percent), Andrew Mulyadi (20 percent), Henry Mulyadi (20 percent), and Tan Eric Raharjo Prayitno (2.5 percent).

Terang Dunia aims to become a public company after it began to expand its business to electric scooters and extend market reach to neighboring countries.

Founded in 1991, the company has launched more than 300 bicycle models, 20 electric bicycle models, and four electric scooter models, all carrying the United brand.

It currently has 600 outlets across Indonesia and countries in Southeast Asia.