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Shares of Tiphone Mobile Indonesia, a phone distributor, rose almost 5 percent in its trading debut on the Indonesia stock Exchange on Thursday, a week after selling shares to the public for the first time.

The Jakarta-based company closed at Rp 325, up 4.8 percent from its initial public offering price of Rp 310. In the morning trading session, the stock rose by more than 20 percent to Rp 365.

Tiphone sold 1.35 billion shares, raising Rp 418 billion ($45.5 million) in its IPO last week, becoming the second Indonesian company to undergo a first-time public share sale this year after Minna Padi Investama, a provider of financial services.

Garuda Sugardo, president director of Tiphone, said around 86 percent of the proceeds from the IPO would be used to repay loans and the remainder to finance business expansion plans.

Semuel Kurniawan, corporate secretary of Tiphone, said the company was looking at acquiring three phone distributors this year.

“We are targeting a cellular phone distributor and a voucher company,’’ he said, adding that one of the acquisitions was expected to be completed in the first half of the year.

Semuel said the company was targeting Rp 250 billion in capital expenditure this year. He did not provide a comparative figure for 2011. It forecasts net income to increase 29.4 percent to Rp 220 billion this year from an estimated Rp 170 billion in 2011, and revenue to rise 21.2 percent from Rp 6.6 trillion.

Further gains in Tiphone’s stock may be short-lived, however, if the recent activity in Minna’s shares is any indicator.

Minna, which surged 39 percent in its trading debut on Monday, fell 3.4 percent to Rp 570 on the IDX on Thursday.

The exchange expects 25 companies to go public this year, and that would be the same amount of IPOs in 2011.