PT Barito Renewables Energy, a company in Indonesia owned by a rich person named Prajogo Pangestu, is planning to get 3.13 trillion rupiah (which is about $203 million) by selling its shares to the public for the first time in Jakarta. This news was announced on Monday.
The company, which is mainly owned by Pangestu’s energy company PT Barito Pacific, has decided to sell its shares for 780 rupiah each, which is the highest price they were willing to sell them for. They had earlier said they might sell them for anything between 670 and 780 rupiah each. This is part of a trend in Indonesia where many companies have been selling shares to the public this year and have already collected $3.2 billion. This is more than twice as much as they collected during the same time last year, according to information from Bloomberg.
When this news came out, the shares of Barito Pacific went up by 3.5% in the early part of the trading day. Another company that is related to coal mining, called PT Petrindo Jaya Kreasi, also saw its shares go up by 3.9%. Barito Renewables plans to use the money they get from selling these shares to pay off some of their debts to Bangkok Bank Pcl and to buy geothermal power plants in Java, which is a part of Indonesia. This information can be found in the prospectus, which is a document that has details about the company and its plans.
Ethan Aw, who is an analyst at Aequitas Research, said in a report on September 21 that Barito Renewables is the biggest producer of geothermal power in Indonesia and is the third biggest in the world when it comes to how much power they can produce. They mostly make money by selling electricity and steam to a company called PLN, which is a state-owned utility firm. Barito Renewables is going to start trading their shares in Jakarta on October 9. Two companies, PT BNI Sekuritas and PT OCBC Sekuritas Indonesia, are helping them with this process. They are known as underwriters, which means they are responsible for making sure everything goes smoothly when the shares are sold to the public.
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