IPO PGE AMAgi ARB, Wamen BUMN Pahala Mansyuri: See The Fundamental

JAKARTA - PT Pertamina Geothermal Energy Tbk. (PGE) officially took the floor on the Indonesia Stock Exchange today, Friday, February 24.

PGEO released 10.35 billion new shares or 25 percent at a price of IDR 875 per share. With this IPO event, the company will receive funds of IDR 9.05 trillion.

At its inaugural listing (IPO), PGE's share price declined sharply. At the close of the first session, PGEO's shares corrected 6.86 percent to the level of 815 from the bid price of IDR 875 per share.

Responding to this, Deputy Minister I of State-Owned Enterprises (BUMN) Pahala Mansyuri said this was not a benchmark for the success of a company in conducting an IPO because according to him, the company's fundamentals are one thing to consider.

"Regarding the price, we cannot comment, but in terms of fundamentals, this company is strong with strong margin EBITDA, the balance sheet is also very good," Pahala said at a press conference in Jakarta, Friday, February 24.

He is optimistic that PGEO's share movement will move positively according to the company's fundamentals.

For this reason, he asked the public and investors not to look at PGEO's IPO in the short term but to consider the company's fundamentals.

"If you say it's not successful, it's not true. We have to see how the IPO in terms of the current amount of funds collected," he continued.

Pahala also highlighted that the company's IPO Public Offering experienced an oversubscribed alias up to 3.81 times from the pooling portion, exceeding the previously set target.

"Later we will see how this company performs in a medium-sized manner," added Pahala. As long as you know, PGEO has carried out a Public Offering from February 20 to 22, 2023 and won Rp9.05 trillion in funds.

BUMN, he said, will continue to strive to encourage companies owned by BUMN and its subsidiaries to follow PGEO on the floor on the stock exchange.

"Hopefully in the future we can continue efforts to be able to add SOEs and BUMN subsidiaries, especially those that already have a size that is quite large," concluded Pahala.