Run System, an Indonesia-based startup that provides enterprise resource planning (ERP) software solutions, announced that it set to list on the Indonesian Stock Exchange on September 8 with the ticker symbol RUNS.

The company will offer 196.8 million of its shares, representing 20% of its total issued and paid up capital. The price range for the shares will be between 230 to 254 rupiah (around US$0.016 to US$0.018) apiece, which means the company can raise almost 50 billion rupiah (around US$3.5 million) in its initial public offering (IPO).

Founded in 2014, Run System currently offers ERP software and enterprise intermediary platform Run Market, HR solution Run iProbe, and point-of-sale platform iKas. The firm recorded almost 22.5 billion rupiah (around US$1.5 million) in operating income last year, an increase of 4x compared to 2019 numbers. In the same period, its net profit also rose by almost 4x to 7.7 billion rupiah (around US$534,000).

The company plans to use the funds it will earn from the IPO as working capital and to drive its market expansion and research and development efforts. It also aims to use the money to buy more working infrastructure, such as computers, servers, and manageable switch hubs, among other items.

Since its inception, Run System has joined Telkom Indonesia’s incubator program Indigo. Three years later, the state-owned telco firm implemented Run System’s ERP solution in its daily operations. The startup’s uptick in revenue and profits was mainly driven by increased sales to Metranet, Telkom Indonesia’s other affiliate.

After the IPO, the telco firm will hold a 19.32% stake in Run System through Metranet, MDI Ventures, and Centauri fund – a joint venture between South Korean financial firm KB Financial Group and MDI Ventures.

(Aditya/Tech in Asia)