PGE goes public on Indonesia Stock Exchange

It was able to raise around $593.5m in its initial public offering.

PT Pertamina Geothermal Energy (PGE) has listed a total of 10.35 billion ordinary shares for trading on the main board of the Indonesia Stock Exchange, representing 25% of its issued and paid-up capital.

In a statement, PGE said the shares were offered at around $0.057 (IDR875) per share, and it was able to raise around $593.5m (IDR9.1t). Over 630 million shares were allocated to the management and employee stock option programme.

READ MORE: Indonesia’s geothermal energy to reach 8.1GW by 2035

PGE President Director Ahmad Yuniarto said the funds raised from the IPO will be used to support the company’s plan to develop its installed capacity until 2027.

The company aims to increase its own and operated base installed capacity to 1,272 megawatts (MW) in 2027 from the current 672MW.

It manages 13 geothermal areas with a total installed capacity of 1,877 MW.

$ = IDR15,260.05