JAKARTA – PT Hero Global Investment Tbk (HGII), a renewable energy company, will conduct an Initial Public Offering (IPO) by releasing 1.3 billion shares.

The shares offered by HGII represent 20% of the company’s issued and fully paid-up capital post-IPO. Each share has a nominal value of IDR 25 and will be offered at a price range of IDR 200 to IDR 230 per share.

Assuming the offering price is set to the upper limit, HGII could raise fresh capital up to IDR 299 billion from the IPO.

HGII plans to allocate around 66% of the IPO proceeds for capital injection into its subsidiary, PT Siantar Sitanduk Energi (SSE). This capital will primarily be used for a Hydroelectric Power Plant (PLTA) project in North Sumatra.

Additionally, about 31% of the IPO proceeds will go towards capital injection into PT Multiprima Hidro Energi (MHE), which will develop a Minihydro Power Plant (PLTM) in North Sumatra. The remaining funds will be used for the company’s working capital.

In this IPO, HGII has appointed PT OCBC Sekuritas Indonesia and PT UOB Kay Hian Sekuritas as underwriters. The book-building period will take place from December 18-23, 2024, with the public offering scheduled for January 3-7, 2025. (KR)