Pertamina Geothermal, a unit of state energy company Pertamina , did not immediately respond to a request for comment. Pertamina Geothermal sold 10.35 billion shares, or 25% of its enlarged share capital, in the largest IPO in Indonesia since the $1.1 billion listing of tech firm GoTo in April, 2022.
The shares were priced at the bottom of a 875 to 880
rupiah marketing range.
Most of the proceeds will be invested into expanding capacity of its working geothermal areas, its prospectus said.
Pertamina is
aiming to double
its geothermal capacity by 2027-2028, which may cost an
estimated $4 billion.
Southeast Asia's largest economy, Indonesia is keen to
tap into its geothermal resources to cut energy imports and
reduce carbon emissions.
(Reporting by Yantoultra Ngui in Singapore and Scott Murdoch in
Sydney; additional reporting by Fransiska Nangoy in Jakarta;
editing by Ed Osmond and Jason Neely)
