BREN Stock Price Soars, Market Capitalization Breaks into BEI's Top 4

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Cindy Mutia Annur 20/10/2023 14:19 WIB

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The soaring share price of PT Barito Renewables Energy Tbk (BREN) has propelled its market capitalization into the top four on the Indonesia Stock Exchange (IDX).

Top 10 Companies by Market Capitalization in Indonesia (October 19, 2023)

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Top 10 Companies by Market Capitalization in Indonesia (October 19, 2023)

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The soaring share price of PT Barito Renewables Energy Tbk (BREN) has propelled its market capitalization into the top four on the Indonesia Stock Exchange (IDX).

According to IDX data, BREN's market capitalization reached Rp542 trillion as of October 19, 2023. This geothermal energy company, owned by tycoon Prajogo Pangestu, surpassed PT Bank Mandiri Tbk (BMRI), which now ranks fifth with a market capitalization of Rp529 trillion.

BREN achieved this position due to its share price surging for nine consecutive days. On Thursday, October 19, 2023, BREN soared 6.86% to Rp4,050 per share.

Since its listing on the IDX on Monday, October 9, 2023, BREN's share price has jumped 419.23%, a multibagger. According to Katadata.co.id, a multibagger refers to a stock with a significant return on investment, exceeding 100%.

BREN's initial public offering (IPO) involved releasing 4.01 billion shares to the public, equivalent to 3% of its outstanding shares. With an offering price of Rp780 per share, the company raised Rp3.13 trillion in fresh capital.

However, BREN's market capitalization still lags significantly behind the leader, PT Bank Central Asia Tbk (BBCA). The market capitalization of this company, owned by the Hartono brothers, is recorded at Rp1,068 trillion.

PT Bank Rakyat Indonesia Tbk (BBRI) and PT Bayan Resources Tbk (BYAN) follow in second and third place, respectively.

Here is a complete list of the top 10 companies with the largest market capitalization as of October 19, 2023:

1. BBCA: Rp1,068 trillion
2. BBRI: Rp750 trillion
3. BYAN: Rp664 trillion
4. BREN: Rp542 trillion
5. BMRI: Rp529 trillion
6. AMMN: Rp467 trillion
7. TLKM: Rp370 trillion
8. ASII: Rp232 trillion
9. TPIA: Rp228 trillion
10. BBNI: Rp182 trillion

Editor : Erlina Fury Santika

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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BREN Stock Price Soars, Market Capitalization Breaks into BEI's Top 4

BREN Stock Price Soars, Market Capitalization Breaks into BEI's Top 4

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