Pertamina Geothermal Energy's IPO Ranks Among the Top 5 Largest on the Indonesia Stock Exchange (IDX)

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Erlina Fury Santika 24/02/2023 14:45 WIB

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Pertamina Geothermal Energy has finally listed on the Indonesia Stock Exchange (IDX). This initial public offering (IPO) by the Pertamina subsidiary is the fifth largest ever, raising Rp9.05 trillion

Top 5 Indonesian Stock Exchange (IDX) Issuers with the Largest IPO Proceeds (2021-2023)

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Pertamina Geothermal Energy's IPO Ranks Among the Top 5 Largest on the Indonesia Stock Exchange (IDX)

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Top 5 Indonesian Stock Exchange (IDX) Issuers with the Largest IPO Proceeds (2021-2023)

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Pertamina Geothermal Energy Tbk (PGEO) finally listed its shares on the Indonesia Stock Exchange (BEI) on Friday morning (February 24, 2023).

The largest geothermal company in Indonesia conducted an initial public offering (IPO), becoming the 19th issuer to list on the BEI in 2023.

PGEO offered 25%, or 10.35 billion shares, to the public, from the placed and fully paid-up capital after the IPO.

As reported by *Katadata*, PGEO set the IPO price at Rp875 per share. This means the company will raise Rp9.05 trillion in fresh funds from the IPO.

This IPO is among the five largest on the BEI. The other four largest issuers are PT Bukalapak.com Tbk (BUKA) with Rp21.9 trillion in 2021 (ranking first), PT Dayamitra Telekomunikasi Tbk (MTEL) or Mitratel with Rp18.79 trillion in 2021 (second), PT Goto Gojek Tokopedia Tbk (GOTO) with Rp13.72 trillion in 2022 (third), and PT Adaro Energy Indonesia Tbk (ADRO) with Rp12.24 trillion in 2022 (fourth).

PGEO share price initially dropped

At 2 PM WIB, the PGEO share price reached Rp815. This is a 6.86% or 60-point decrease from the initial price of Rp875.

At the opening of trading, the share price was briefly in the green, opening at Rp925 per share. Shares of this Pertamina subsidiary were sold in the range of Rp815 to Rp925 per share.

The trading volume was 457 million shares. The transaction value reached Rp380 billion with a frequency of 40,126 times. The market capitalization is Rp33.74 trillion.

The Deputy Minister of State-Owned Enterprises (BUMN), Pahala Nugraha Mansury, stated his disagreement with characterizing PGEO's stock listing on the BEI as a failure.

Pahala emphasized that he was not focusing on the current share price, but rather on the future performance of the Pertamina subsidiary.

"I think we also have to look at the amount of funds successfully raised, which is Rp 9 trillion, that's the first thing," said Pahala after the PGEO IPO listing ceremony at the BEI, as reported by *Katadata*, Jakarta, Friday (February 24, 2023).

Furthermore, he stated that the public offering was oversubscribed by 3.81 times the pooling portion. This figure exceeded the previously set target.

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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Pertamina Geothermal Energy's IPO Ranks Among the Top 5 Largest on the Indonesia Stock Exchange (IDX)

Pertamina Geothermal Energy's IPO Ranks Among the Top 5 Largest on the Indonesia Stock Exchange (IDX)

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Despite Weakening, IDX Composite Remains at the 8,600 Level (Friday, December 5, 2025)

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Pertamina's Non-Subsidized Fuel Prices to Increase as of December 1, 2025

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Pertamina Geothermal Energy's IPO Ranks Among the Top 5 Largest on the Indonesia Stock Exchange (IDX)

Pertamina Geothermal Energy's IPO Ranks Among the Top 5 Largest on the Indonesia Stock Exchange (IDX)

Tags

Related Data

Despite Weakening, IDX Composite Remains at the 8,600 Level (Friday, December 5, 2025)

IDX Composite Weakens While Many Stock Sectors Gain (Wednesday, December 3, 2025)

Pertamina's Non-Subsidized Fuel Prices to Increase as of December 1, 2025

IHSG Strengthens as Many Stocks Weaken (Monday, December 1, 2025)

China: Indonesia's Highest Value Non-Oil and Gas Importer in Q3 2025

China is the Top Destination for Indonesia's Non-oil and Gas Exports up to Q3 2025

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