PT Central Proteinaprima (CP Prima), the Indonesian unit of Thailand's largest agribusiness concern, the Charoen Pokphand Group and Indonesia's largest shrimp producer and exporter, is launching an IPO to raise funds for expansion.

The Jakarta Post reports that CP Prima hopes to raise up to US$40 million with an offering of 2.16 billion shares. The newspaper quotes Achmad Wahyudi, the director of CP Prima's aquaculture operation,as saying that the proceeds from the IPO would be put toward funding its planned capital expenditure of $80 million to increase shrimp production. The company plans to construct 2,000 shrimp ponds, bringing its total to 5,732 ponds and net profit of $40 million next year.

CP Prima operates shrimp feedmills, hatcheries, farms and processing plants across Indonesia.