Indonesian movie theater chain Blitzmegaplex aims to kick off an initial public offering in the first quarter of this year as it tries to fend off rising competition. The IPO aims to raise funds to build 15 cinemas at a cost of about $35 million.

According to Reuters, Blitzmegaplex, if successful, would be the first cinema chain to list on the Jakarta Stock Exchange. It is backed by Singapore-based private equity firm Quvat Management Pte. Ltd. Blitzmegaplex is the second-biggest cinema operator in Indonesia next to 21 Cineplex.

Blitzmegaplex director Brata Perdana told reporters on Wednesday that his company aiks to boost the number of its cinemas to 25 in the next three years from 10 currently. Perdana, however, said that it was too early to comment on how much Blitzmegaplex would raise from the IPO, the report stated.

The battle of the silver screens in Southeast Asia's biggest economy is set to intensify as Indonesian conglomerate Lippo Group plans to lauch its first cinema this year, Reuters said.