JAKARTA. PT Barito Renewables Energy Tbk (BREN), a renewable energy company under the control of PT Barito Pacific Tbk (BRPT), has set the price for its initial public offering (IPO) to IDR 780 per share.

Said offering price is set to the top of the price range announced in book building previously, which ranges from IDR 670 to IDR 780 per share. With said price, the company will potentially gain fresh funds of up to IDR 3.13 trillion at the end of its IPO.

BREN has named PT BNI Sekuritas as the lead underwriter, while PT OCBC Sekuritas Indonesia is assigned as the underwriter.

The public offering of BREN’s IPO shares will take place from October 3-5, 2023. The distribution of shares is scheduled to follow on October 6, 2023, before being concluded with the listing on Indonesia Stock Exchange (IDX) on October 9, 2023.

For the record, the number of shares issued by BREN in its IPO is 4.02 billion shares, which are equal to 3% of its issued and paid-up capital. After the IPO, BRPT’s portion in BREN will be down to 64.67%. Green Era Energy Pte Ltd will own another 23.61%, followed by Jupiter Tiger Holdings and Prime Hill Fund of 4.36% each. (KR/ZH)