South Korea’s Shinhan Investment Corp. has successfully pulled off its first offshore initial public offering (IPO) of a local firm on the Indonesia Stock Exchange (IDX).

According to Shinhan Investment Corp. on Wednesday, its overseas unit in Indonesia oversaw IPO of Campina Ice Cream Industry, Indonesia’s second-largest ice cream maker.

Shares of Campina rose by a daily limit of 50 percent on its debut day on Tuesday. Last year, Campina raised 4 billion won ($3.7 million) in net profit on sales of 46 billion won.

In the book-building session from Dec. 8 to 11, the IPO drew bids worth 292 billion rupiah from investors.

An unnamed official from Shinhan Investment Corp. claimed it is the first time for a Korean brokerage with an overseas unit in Indonesia to lead an IPO of a local company. Its local unit will seek to boost synergy with Shinhan Financial Group’s other units that have businesses in Indonesia such as Shinhan Bank and Shinhan Card to expand investment banking business, he added.

Shinhan Investment Corp. made inroads into the Indonesian market by acquiring PT Makinta Securities in December last year. The overseas subsidiary specializes in investment banking services such as IPOs, mergers and acquisitions, and capital increase.

Before the latest IPO, Shinhan Investment Indonesia successfully led the sale of new shares of PT Bukit Uluwatu Villa Tbk (Buva) worth 25 billion won, raising 1 billion won in commission profit. Buva owns Alila SCBD hotel in Jakarta and resorts in Bintan and Bali.