JAKARTA – PT Raharja Energi Cepu Tbk (RATU), the soon-to-be oil and gas mining issuer directly under PT Rukun Raharja Tbk (RAJA), has set the initial public offering (IPO) price to the upper range, of IDR 1,150 per share.

It is known that RATU will offer 543.01 million shares, equal to 20% of total issued and paid-up capital post-IPO. These consist of 190.05 billion new shares and 352.96 billion divested shares of RAJA.

With said fixed price, RATU is set to collect fresh funds of up to IDR 624.46 billion in its IPO.

According to the IPO prospectus, RATU plans to allocate most of IPO proceeds as loans for subsidiary and associated entity.

“Approximately IDR 157.36 billion will be channelled to a subsidiary, PT Raharja Energi Tanjung Jabung,” said the management. It is also revealed that the proceeds will be used for operational and management of Jabung Block.

In addition, another IDR 34.97 billion will be allocated as loans for RATU’s associate, PT Petrogas Jatim Utama Cendana, for the management of Cepu Block.

“The remainder will be used for working capital, namely remunerations for employees, as well as directors and commissioners, and operational costs of the company,” continued the management.

RATU is currently holding its public offering for the shares, starting from today (2/1) until January 6, before finally being listed on Indonesia Stock Exchange on January 8, 2025. (ZH)