In a significant development for the Indonesian financial market, PT Barito Renewables Energy, a company owned by Indonesian billionaire Prajogo Pangestu and PT Barito Pacific, is slated to raise IDR3.13 trillion ($203 million) through an initial public offering (IPO) in Jakarta. The move comes as part of a robust IPO trend in Indonesia for the year 2023. The shares are priced at 780 rupiah apiece and trading is expected to commence on October 9.

The proceeds from the IPO will be utilized to repay debt owed to Bangkok Bank Pcl and to acquire geothermal power plants in Java. This strategic move is aligned with the company’s operations in the renewable energy sector and strengthens its position as the third-largest global geothermal power producer.

Several entities are associated with PT Barito Renewables Energy’s operations, including Aequitas Research, Pertamina Geothermal Energy, and state utility firm PLN. PT BNI Sekuritas and PT OCBC Sekuritas Indonesia have been named as the underwriters for the IPO.