"Unleashing a Geothermal Powerhouse: Pertamina Geothermal Revamps IPO with a Whopping $611 Million Valuation!"

image source: (unsplash.com, Aldrin Rachman Pradana Indonesia East Sara Malang City)
Indonesia's Pertamina Geothermal Energy, a subsidiary of the state energy company Pertamina, has refined the expected price range for its highly-anticipated initial public offering (IPO). The range, now set between 875 to 880 rupiah per share, values the IPO at a staggering 9.11 trillion rupiah (approximately $611 million), marking the largest such offering in Indonesia in almost a year, following the record-breaking $1.1 billion listing of technology firm, GoTo, in April.

This latest development sees the price range significantly narrowed from the initial 820 to 945 rupiah range outlined in the prospectus just three days prior. Pertamina Geothermal aims to double its geothermal capacity by 2027-2028, a feat that may cost an estimated $4 billion. As Indonesia, Southeast Asia's largest economy, seeks to reduce carbon emissions and cut energy imports, tapping into its geothermal resources is becoming increasingly crucial.

The company is set to sell 10.35 billion shares, equivalent to 25% of its enlarged share capital, with the majority of the IPO proceeds earmarked for expanding the capacity of its working geothermal areas. The books will close on the 10th of February, with the public offering taking place from the 20th to 22nd of the same month. The shares will make their debut on the Jakarta stock exchange on February 24th.

Credit Suisse holds the distinguished title of being the sole global coordinator for the IPO, as well as being an underwriter, alongside CSLA Sekuritas Indonesia and Mandiri Sekuritas.

Pertamina is the state-owned oil and natural gas company of Indonesia, established in August 1968. The company operates in exploration, production, refining, and distribution of oil and gas, as well as other energy-related businesses. With a mission to meet the energy needs of Indonesia and beyond, Pertamina has become one of the largest energy companies in the Southeast Asian region and has a significant presence in the global energy market. In addition to its core business, Pertamina is also involved in the development of renewable energy, such as geothermal energy, to ensure a sustainable energy future for Indonesia and the world.

source :(Reuters)

#Pertamina #Geothermal #IPO #Indonesia

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