SINGAPORE: Indonesia’s Pertamina Geothermal Energy, a unit of state energy company Pertamina, has narrowed the price range for its initial public offering (IPO), according to a term sheet seen by Reuters.
The top end of the range of 880 rupiah (25 sen) a piece values the IPO at up to 9.11 trillion rupiah (US$611mil or RM2.6bil), the largest in Indonesia in almost a year after the US$1.1bil (RM4.7bil) listing of tech firm GoTo in April.
The range is tighter than the 820 rupiah to 945 rupiah (23 sen to 27 sen) range set out in a prospectus last Wednesday.
The IPO comes as Pertamina aims to double its geothermal capacity by 2027 to 2028, which may cost an estimated US$4bil (RM17.03bil).
Indonesia, South-East Asia’s largest economy, is keen to tap into its geothermal resources to cut energy imports and reduce carbon emissions.
Pertamina Geothermal is selling 10.35 billion shares, or 25% of the enlarged share capital.
Most of the IPO proceeds will be invested into expanding capacity of its working geothermal areas, according to its prospectus.
Books will be closed on Feb 10.
The public offering is scheduled for Feb 20 to Feb 22 and the shares will debut on the Jakarta stock exchange on Feb 24.
Credit Suisse is the sole global coordinator, according to the term sheet. It is also an underwriter, along with CSLA Sekuritas Indonesia and Mandiri Sekuritas. — Reuters
