IPO PGE Incar Dana Rp9 Trillion, Deputy Minister Of BUMN Pahala: So Momentum For Pertamina

PT Pertamina Geothermal Energy Tbk (PGEO) officially took the floor on the capital market, Friday (24/2/2023). (Photo: Maria Trisnawati/VOI)

JAKARTA - PT Pertamina Geothermal Energy Tbk (PGE) officially listed its shares for trading on the Main Papa of the Indonesia Stock Exchange (IDX) with the ticker code PGEO.

In its inaugural listing, Pertamina Geothermal will become the 19th listed company on the IDX in 2023, and 844 on the current IDX and also recorded in the sharia index.

Deputy Minister of BUMN I Pahala Nugraha Mansury in his speech said, through this initial listing of shares, he hoped that PGE could raise funds of up to Rp9 trillion so that it could develop geothermal capacity in Indonesia.

"We from the Ministry of SOEs hope that the initial listing of shares this morning will be a momentum for all of us, especially for Pertamina," said Pahala in his remarks at the inaugural listing ceremony on the Indonesia Stock Exchange, Friday, February 24.

He hopes that PGEO will become a company that is more accountable, transparent, open and professional in running its business.

In addition, with this premiere, he hopes that PGEO will be more efficient in reducing the cost of generating and providing clean energy for the community.

Just so you know, the company's IPO Public Offering experienced an oversubscribed alias up to 3.81 times from the pooling portion, exceeding the previously set target.

The company offered 10.35 billion ordinary shares on behalf of, representing 25 percent of the company's issued and paid-up capital and offered at an offering price of IDR 875 per share.

The company has carried out public offerings from February 20 to 22, 2023 and received funds of IDR 9.05 trillion.

The company also allocates a maximum of 1.50 percent of the issued and fully paid capital after the IPO or a maximum of 630.39 million shares for the Share Purchase Option Program to Company Management and Employees (Employee Stock Option Program/MESOP).

In the initial public offering, PGE appointed PT Mandiri Sekuritas, PT CLSA Sekuritas Indonesia, and PT Credit Suisse Sekuritas Indonesia as underwriters for the issuance of securities. PGE also appointed CLSA, Credit Suisse, and HSBC as international selling agents.