What Is Pertamina Geothermal Energy's IPO Scenario?

Summary

Deputy Minister of State-Owned Enterprises (BUMN) II Pahala Nugraha Mansury revealed that the ministry would conduct an Initial Public Offering (IPO) of PT Pertamina Geothermal Energy (PGE) on the Indonesia Stock Exchange (IDX), expectedly occur in the first half of 2022.

"The target is doing it in the first half of 2022 and registering in March. The IPO may be in June," Pahala said on Wednesday. The IPO aims to secure around US$400 million-US$500 million or Rp 5.72 trillion-Rp 7.15 trillion (exchange rate of Rp 14,300 per US dollar). PGE's IPO is important because Indonesia needs a large amount of funds to develop renewables (EBT). In the government's roadmap, the NRE portion is ​​expected to reach 23 percent of the country's energy mix by 2025 and 31 percent by 2030. These targets can be achieved through the use of up to 20 gigawatts (GW) of renewables by 2030.

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