Indonesia's Pertamina Geothermal tightens price in IPO worth up to $611 million

SYDNEY/SINGAPORE : Indonesia's Pertamina Geothermal Energy, a unit of state energy company Pertamina, has narrowed the price range for its initial public offering, according to a term sheet seen by Reuters on Friday.

The top end of the range of between 875 rupiah and 880 rupiah a piece values the IPO at up to 9.11 trillion rupiah , the largest in Indonesia in almost a year after the $1.1 billion listing of tech firm GoTo in April.The IPO comes as Pertamina aims to double its geothermal capacity by 2027-2028, which may cost an estimated $4 billion. Indonesia, Southeast Asia's largest economy, is keen to tap into its geothermal resources to cut energy imports and reduce carbon emissions.

Pertamina Geothermal is selling 10.35 billion shares, or 25 per cent of the enlarged share capital. Most of the IPO proceeds will be invested into expanding capacity of its working geothermal areas, its prospectus said. Books will be closed on Feb. 10. The public offering is scheduled for Feb. 20–22 and the shares will debut on the Jakarta stock exchange on Feb. 24.

Credit Suisse is the sole global coordinator, according to the term sheet. It is also an underwriter, along with CSLA Sekuritas Indonesia and Mandiri Sekuritas.

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