PT Lung Victory Carpet (LVC) plans to initial public offering (IPO) and list on the Indonesia Stock Exchange (IDX) to boost competitiveness amidst intense competition in the carpet industry.

"We plan to enter the capital market and see that the benefits of being a company listed on the Indonesia Stock Exchange are quite large," said Anton Sasmita, President Director of PT Lung Victory Carpet, in Jakarta, Thursday (4/2).

According to Anton, apart from obtaining fresh funds, being a public company would make Lung Victory Carpet more competitive and more substantial amid very tight competition.

"The fresh funds obtained from the capital market will be used to increase the company's factory capacity," he explained.

Furthermore, amid the current COVID-19 pandemic, it is the right situation to improve, including improving corporate good corporate governance (GCG). The pandemic that has spread in Indonesia since March 2020 has made Lung Victory Carpet survive and undertake business restructuring.

"Our principle is that today must be better than yesterday. In the midst of a pandemic, we continue to improve, including increasing the use of digital marketing, "said Anton.

Meanwhile, the Independent Commissioner of Lung Victory Carpet, Jahja B. Soenarjo, revealed that its business restructuring has made Lung more agile in entering new markets.

"After the business restructuring, now we have a custom division that handles projects, a retail division, and an export division. This is the right time for us because, during a pandemic, the stock exchange remains dynamic and has given birth to new issuers," said Jahja.

Lung Victory Carpet is one of the largest carpet factories in Indonesia that produces various types of carpets. The company's main product is custom design carpets using machines from Europe with a market share of around 20 percent for the custom design carpet segment, and it continues to grow.

The company's products are quite diverse. It includes Robo-tufted rugs produced with the latest robots and can have three-dimensional carpets, artificial grass carpets,  Axminster carpets for large rooms, and hand-tufted carpets rugs, which are made with trained hand skills, bath mats, and fire retardant fabric as a fire retardant material.

Consumers of the company's products come from various segments, such as star hotels, apartments, offices, housing, and villas, and public facilities that prioritize feelings of elegance, luxury, and comfort. Lung Victory Carpet has an integrated factory in Bandung, West Java, which processes raw materials in sheep hair, then spins it into wool, knitting it into beautiful and quality products.