Going Into an IPO, Barito Renewables Energy Sets a Price of IDR 780 per Share

Share illustration (Photo: dock. Antara)

JAKARTA - PT Barito Renewables Energy Tbk (BREN) will begin conducting an initial public offering (IPO) on October 3-5 2023. This new and renewable energy (EBT) company has set a price of IDR 780 per share.

The company is offering 4.01 billion new shares or the equivalent of 3 percent of the issued and fully paid-up capital after the IPO, so it has the opportunity to obtain fresh funds worth IDR 3.13 trillion.

Thus, BREN will list 133.83 billion shares after entering the IDX, so that its market capitalization (market cap) has the potential to reach IDR 104.39 trillion and become one of the companies with a high market cap on the IDX.

Quoting Antara, the business entity of the Prajogo Pangestu conglomerate will use all of the proceeds from the IPO to pay capital to Star Energy Group Holdings Pte, Ltd (STAR) by taking part in the new shares to be issued by STAR.

All funds that have been received will be used by STAR to pay part of the B facility debt to Bangkok Bank Public Company Limited (Bangkok Bank), as well as fulfill payment obligations to Star Energy Oil and Gas Pte, Ltd (SEOG) and the company.

Furthermore, the allotment date is planned to be held on October 5, 2023 and the electronic share distribution period is on October 6, 2023, and it is planned to be officially listed on the IDX on October 9, 2023.

Meanwhile, acting as Managing Underwriter, namely PT BNI Sekuritas and acting as Underwriter, namely PT OCBC Sekuritas Indonesia.

BREN's shareholders before the IPO consisted of PT Barito Pacific Tbk (BRPT) with 66.67 percent, Green Era Energy Pte Ltd 24.33 percent, Jupiter Tiger Holdings 4.5 percent, and Prime Hill Fund 4.5 percent.

Barito Pacific is a company controlled by Prajogo Pangestu.