Shares of health services provider PT Royal Prima (PRIM) gained 11.3% to Rp835 at morning close today. The stock was listed and traded on the Indonesia Stock Exchange (IDX) on Tuesday (May 15). It offered 1.2 billion shares through IPO, priced at Rp500, raising total proceeds of Rp600 billion. PRIM started trading with market capitalization of Rp1.69 trillion.

The Company will use 46.4% IPO proceeds for acquiring hospitals in Medan, Pekan Baru, Jambi, Tangerang, Bekasi, Cikarang, Jakarta, and other potential area. Some 20.6% IPO proceeds will be used for expansion of existing hospital, 17.2% for land acquisition for hospital construction, and 12.1% for purchasing medical equipment & IT infrastructure.