The range is tighter than the 820 rupiah to 945 rupiah range set out in a prospectus on Wednesday. The IPO comes as Pertamina aims to double its geothermal capacity by 2027-2028, which may cost an estimated $4 billion. Indonesia, Southeast 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, its prospectus said. Books will be closed on Feb. 10. The public offering is scheduled for Feb. 20–22 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 CLSA Sekuritas Indonesia and Mandiri Sekuritas. (Reporting by Scott Murdoch in Sydney and Yantoultra Ngui in Singapore, Editing by Louise Heavens)
(Corrects spelling of brokerage in paragraph 7)
By Scott Murdoch and Yantoultra Ngui
SYDNEY/SINGAPORE, Feb 3 (Reuters) - Indonesia's
Pertamina Geothermal Energy, a unit of state energy company
Pertamina , has narrowed the price range for its
initial public offering, according to a term sheet seen by
Reuters on Friday.
The top end of the range of between 875 rupiah and 880
rupiah a piece values the IPO at up to 9.11 trillion rupiah
($611 million), the largest in Indonesia in almost a year after
the $1.1 billion listing of tech firm GoTo in April.
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