Officially listing its initial shares on the Indonesia Stock Exchange (IDX), pure-play gold mining company PT Archi Indonesia Tbk (ARCI) released 3.72 million ordinary shares or the equivalent of 15% of the issued and paid-up capital after the IPO.

Each share is released for Rp750 per share. Thus, through an initial public offering (IPO), ARCI obtained up to Rp2.79 trillion.

Director of Finance and Chief Financial Officer of PT Archi Indonesia Tbk Adam Jaya Putra said the company would use the funds raised through the IPO for principal repayments. In addition, ARCI plans to channel the proceeds from the IPO for operational improvements and general working capital.

"The company also plans to encourage mining exploration activities to find new reserves, as well as to double the capacity of the processing plant in the next five years. The capital expenditure requirement for this business expansion will be financed from the company's internal cash,