Indonesian concrete builder PT Wijaya Karya Beton (WIKA Beton) plans to raise up to 1.28 trillion rupiah ($110.44 million)through an initial public offering (IPO) of shares which will be listed next month.

The unit of state-owned PT Wijaya Karya Tbk set an IPO price range of 470 to 630 rupiah a share, according to its underwriters.

It is offering 2.04 billion shares, equivalent to 23.47 percent of its enlarged equity, slightly smaller than the initial plan of 27.5 percent.

The shares are due to be listed on April 3. Bahana Securities, Danareksa Securities, Mandiri Sekuritas and Sucorinvest Central Gani are the underwriters.

WIKA Beton, which makes construction materials such as bridge beams, retaining walls and pipes, aims to build four new factories. Its assets are currently worth 2.9 trillion rupiah.

At 0744 GMT, shares of Wijaya Karya were up 2.78 percent at 2,215 rupiah, while the broader Jakarta Composite Index was up 0.13 percent.

Follow us on Twitter: @ALB_Magazine.