JAKARTA. As of today, February 1, 2023, until February 9, 2023, PT Pertamina Geothermal Energy (PGEO) or PGE, another subsidiary of PT Pertamina (Persero) will hold a book-building phase for its initial public offering (IPO). It will make its debut in Indonesia Stock Exchange (IDX) by issuing 10.35 billion shares of IDR 500 each. The company aims to score IDR 8.48 trillion to IDR 9.78 trillion of fresh funds at the end of this corporate action.

The number of shares issued in the IPO is equal to 25% of PGE’s issued and paid-up capital post-IPO. The price of the shares is yet to be determined, ranging between IDR 820 to IDR 945 per share. Assuming that PGE is right on its schedule, after obtaining an effective statement on February 16, 2023, the company may proceed with the main public offering from February 20 to 22, 2023, followed by the public listing on IDX on February 24, 2023.

During the public hearing meeting with Commission VII of House of Representatives of Indonesia yesterday (31/1), Nicke Widyawati, President Director of Pertamina, mentioned that the IPO of PGE will make way for PT Pertamina Hulu Energi (PHE) to also make its debut in the first half of 2023. PGE and PHE’s IPO plans are intended to raise cheap funds from the public, which will allow both companies to gain access to a wider market in the future.

Furthermore, Widyawati also mentioned that the company’s shareholders have requested for an increase in the market capitalisation of the future Pertamina holding company. “The shareholders set the target to boost the market capitalisation or the value of the company. Thus, we plan to unlock said value in the first half of this year,” she confirmed. However, the number of shares issued by PHE in its upcoming debut cannot yet be publicly disclosed, as the PHE management has not secured their shareholders’ approval. (AM/ZH)