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Boosted by a successful stock listing, the country’s largest home-loan lender, PT Bank Tabungan Negara, announced on Thursday that it planned to raise up to Rp 1.5 trillion ($159) in early 2010 to expand its loans 50 percent to Rp 60 trillion.

The state bank is expected to disburse Rp 40 trillion in loans this year, mostly in mortgages, particularly to buyers of low-cost housing.

“We plan to issue a Rp 1 trillion [rupiah-denominated] bond in the first half of 2010,” said Iqbal Latanro, BTN’s president director, after the bank’s initial public listing on Thursday.

BTN also planned to issue an additional Rp 500 billion in asset-backed securities next year, following two successful issues this year that raised a total of Rp 445.1 billion, he said.

The market reacted positively on Thursday to BTN’s IPO, with the share price closing up by Rp 40, or 5 percent, to Rp 840. The Indonesia Stock Exchange (IDX) was closed on Friday for the holiday.

The bank raised Rp 1.89 trillion selling 27 percent of its equity on Thursday. The IPO has increased the lender’s total equity to Rp 5 trillion from Rp 3.2 trillion previously.

Iqbal said the funds would be used to boost BTN’s capital-adequacy ratio and allow for greater lending next year. The CAR will be raised to 27 percent after the IPO, from 15 percent in the third quarter this year, well above Bank Indonesia’s minimum of 8 percent. CAR is the ratio of the bank’s capital as opposed to its risk, expressed as a percentage of its assets to debt.

BTN’s IPO was the largest debut offering this year at the IDX, and the company was the 12th firm to list in 2009. It was the second state enterprise to go public this year, after tinplate maker PT Pelat Timah Nusantara disappointed in its debut on the IDX on Monday.

The year’s last IPO, private company PT Gunawan Dianjaya Steel, is set to list on Wednesday. Aditya Wikrama