Indonesia's Pertamina geothermal unit targets raising as much as $652 mln in IPO

📆 2/1/2023 9:15 AM
📰 Reuters

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Indonesia's Pertamina Geothermal Energy, a unit of state energy company Pertamina, plans to offer as much as 25% of its stake in an initial public offering this month to raise a maximum 9.78 trillion rupiah ($652.00 million) in proceeds.

The shares would be offered at 820 rupiah to 945 rupiah a piece, the company said in a prospectus on Wednesday and book building would be launched on the same day.

The public offering is scheduled for Feb. 20-22. CSLA Sekuritas Indonesia, Credit Suisse Sekuritas Indonesia, and Mandiri Sekuritas were hired as underwriters. Most of the proceeds from the share sale is expected to be invested into capacity expansions of its working geothermal areas, the prospectus said., which may cost an estimated $4 billion.

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