Sudirman CBD in Jakarta, Indonesia (source: AndrewPrawiro / flickr, Creative Commons)
Indonesia’s state-owned geothermal developer Pertamina Geothermal Indonesia (PGE) has announced the relevant details of the upcoming initial public offering (IPO) in the Indonesia Stock Exchange (IDX). The IPO schedule (consistent with the target announced last month) is as follows:
Initial offer period: 1 – 9 February 2023
Estimated effective date: 16 February 2023
Estimated period for IPO: 20 – 22 February 2023
Estimated allotment date: 22 February 2023
Estimated date of electronic share distribution: 23 February 2023
Estimated date of securities listing on IDX: 24 February 2023
PGE has set an initial price of IDR 820 to 945 per share. PGE has set a maximum of 10.35 billion shares, corresponding to a total of IDR 8.48 to 9.78 trillion (USD 564.9 to 651.5 million) that PGE can raise with this IPO.
Moreover, PGE will allocate a maximum of 1.5% or 630.39 million shares after the IPO for the Management and Employees’ Stock Option Program.
PGE is one of the largest geothermal energy companies in the world based on total installed capacity with 672 MW under direct management and 1205 MW under Joint Operation Contracts. The IPO proceeds will help in the optimization of several working areas of PGE, as well as the use of co-generation technology like binary technology using brine, low-pressure, and bottoming units.