Indonesian appliance retailer Electronic City has earmarked up to $87 million to expand its store count from 61 to 100 in 2015.

The expansion will be funded from the proceeds of the company’s IPO last June, according to commercial and investor relations director Fery Wiraatmadja. That raised 1.4 trillion rupiah ($121.8 million).

The retailer’s expansion is aimed at cashing in on the burgeoning spending power off the middle class in Indonesia.

“Even foreign retailers are targeting Indonesia because of our size. Maybe we’ll aim for the regional market later on down the line,” Wiraatmadja said.

Wiraatmadja said revenue in 2014 will increase in the range of 30 per cent to 50 per cent.