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Steel plate producer Saranacentral Bajatama has set next week’s IPO price at Rp 250 a share, the low end of the range, and now expects to raise Rp 100 billion ($11.1 million) in the offering.

It had earlier announced a price range of Rp 250 to Rp 425, and said that it hoped to raise as much as Rp 170 billion.

Saranacentral plans to sell 400 million shares, or a 22 percent stake in the company.

“That’s the price investors wanted,” said Harry Kurniawan, a director at Makinta Securities, the underwriter. He would not say if this reflected tepid demand from investors for the offering.

Saranacentral has said it will use part of the proceeds from the IPO to buy an additional color-coating machine, which is used in the process of making aluminum-zinc alloy coated steel. That would allow it to expand its line of products.

The rest will be for working capital, Ibnu Susanto, the president commissioner of the company, said last month.

The company can produce 9,000 to 10,000 tons of aluminium sheets per month at full capacity. It is currently operating at only 30 to 40 percent of capacity, but that is expected to increase to 80 percent next year, Ibnu said.

Saranacentral director Suryani Kamil said last month that net income was projected to increase to Rp 78 billion next year from Rp 40 billion this year. Sales are forecast to rise to Rp 1.2 trillion from an estimated Rp 825 billion this year, she said.

The company will offer the shares to investors from Tuesday to Thursday with a planned listing on the Indonesia Stock Exchange (IDX) on Dec. 22.