Jakarta, Indonesianpost.com – PT Pertamina Geothermal Energy Tbk or PGE (stock code: PGEO) has officially debuted on the Indonesia Stock Exchange (BEI) on Friday and has successfully raised Rp9.05 trillion in funds. PGE’s shares opened 5.14% lower at Rp830 from the initial price of Rp875 per share, with a highest level of Rp925 per share and a lowest level of Rp815 per share. The total trading frequency was 432 times with a trading volume of 248.4 million shares and a daily transaction value of Rp21.3 billion.
The IPO was launched to support PGE’s plan to develop its installed capacity to 600 MW by 2027. PGE aims to increase its installed capacity from 672 MW to 1,272 MW by 2027, and to support its ambition to continue growing and developing the entire value chain of Indonesia’s geothermal resources, in line with its tagline “Energizing Green Future.”
In this IPO, PGE offered 10.35 billion common shares in the name of the public, representing 25% of the company’s issued and paid-up capital, at an offering price of Rp875 per share, with the Public Offering conducted from February 20 to 22, 2023.
Furthermore, the company allocated up to 1.50% of its issued and paid-up capital after the Initial Public Offering, or up to 630,390 shares, for the Management and Employee Stock Option Program (“MESOP”).
PGE’s IPO was oversubscribed by 3.81 times the pooling portion, exceeding the previously set target. The IPO attracted the interest of high-quality domestic and multinational investors.
Some of the domestic and multinational investors who participated in PGE’s IPO include the Indonesia Investment Authority (INA) and Masdar, a clean energy company headquartered in the United Arab Emirates (UAE).
In this IPO, PGE appointed PT Mandiri Sekuritas, PT CLSA Sekuritas Indonesia, and PT Credit Suisse Sekuritas Indonesia as the lead underwriters for the securities issuance. In addition, PGE also appointed CLSA, Credit Suisse, and HSBC as international selling agents.
Currently, PGE manages 13 geothermal working areas with a total installed capacity of 1,877 MW. Of these, 672 MW is managed directly by PGE and 1,205 MW is managed through Joint Operation Contracts. The 672 MW geothermal capacity managed directly by PGE is sourced from 6 geothermal working areas, namely Kamojang in West Java with 235 MW, Karaha in West Java with 30 MW, Lahendong in North Sulawesi with 120 MW, Ulubelu in Lampung with 220 MW, Lumut Balai in South Sumatra with 55 MW, and Sibayak in North Sumatra with 12 MW. (IP/Antara)