Jakarta - PT Global Sukses Solusi Tbk (RUNS) will use the initial public offering (IPO) funds for working capital.

The company engaged in the information and technology sector released 196.8 million shares to the public and received fresh funds of up to Rp49.98 billion.

President Director of PT Global Sukses Solusi Tbk Sony Rachmadi Purnomo said that most of the funds raised, or 74%, would be allocated as working capital, such as financing new projects, overhead costs, and operations.

"The financing for the new project is ERP procurement and ERP managed service work for the company's customers. Meanwhile, 11 percent of the funds raised will be used for acquisitions and market expansion," he said in a statement in Jakarta on  Wednesday (8/9).

In addition, the company will use the funds for the development of RUN Market products, namely the ERP platform for the medium business segment.

The company will use the remain