Pertamina Geothermal Energy Aims to Raise Rp 9.78 Tln from IPO

IPO business process
Summary

PT Pertamina president director Nicke Widyawati confirmed that the initial public offering (IPO) of PT Pertamina Geothermal Energy (PGE) would take place this month, while PT Pertamina Hulu Energi (PHE) would hold an IPO in the first half of this year. "PGE will be the first, God willing, next month. Then, PHE will follow suit," Nicke said during a hearing (RDP) with the Energy Commission of the House of Representatives (DPR) on Tuesday.

Based on PGE's IPO prospectus, the company will offer 10.35 billion new shares or about 25 percent of the company's issued and paid-in capital at around Rp 820-Rp 945 per share. As a result, the company can potentially raise a maximum of Rp 9.78 trillion. The public offering period will take place on Feb 20-27. Nicke said PGE's IPO plan aims to raise low-cost funds from the public to be able to access a wider market in the future. On the other hand, Pertamina's shareholders are expecting an increase in the market cap of the state-owned oil and gas holding company. "We will unlock the [company's] value in the first half of this year," she said.

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