Hotel boutique operator Ayana Land plans to raise 300 billion Indonesian rupiah through an initial public offering of up to 30% of its enlarged capital, Deal Street Asia reported.

The shares are expected to be listed on the Indonesian Stock Exchange by July, according to the May 30 report.

Jasa Utama Capital Sekuritas will serve as the book runner and the underwriter for the offering.

As of May 29, US$1 was equivalent to 13,322 Indonesian rupiah.