According to reporting from Tempo, Pahala Nugraha Mansury, the Deputy Minister of State-Owned Enterprises, has expressed his hope that the initial public offering (IPO) of Pertamina Geothermal Energy (PGE) will be completed by the end of February 2023, saying that they have reached the stage of finalizing the underwriting agreement.
“The IPO is aimed at allowing PGE to develop [renewable energy] for the purpose of significantly raising the capacity of new renewable energy in electricity,” Pahala said on Monday, February 13.
PGE president director Ahmad Yuniarto said that in the IPO they will float up to 25 percent of the issued and fully paid capital after the IPO. The initial offer period was from February 1 to 9, report Tempo.
“PGE will float a maximum of 10.35-billion ordinary shares with offering prices between IDR 820 and IDR 945,” Ahmad said in a press conference on February 1.
From the IPO, PGW is targeting up to IDR 9.78-trillion in proceeds that will be used for capital expenditure (capex) and debt payments, say Tempo.
In 2023, PGE is preparing a new investment of USD 250-million from an estimated capex of just USD 60-million in 2022. For 2024, the company has prepared USD 350-million.