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Indonesia's Pertamina Geothermal Energy aims for $653m IPO

Company sees 'strategic role' in achieving country's net zero goal

Indonesia's geothermal resources are estimated at 27.8 gigawatts, but last year its installed geothermal capacity stood at around 2.3 gigawatts. (Photo by Erwida Maulia)

JAKARTA -- The geothermal subsidiary of Indonesia oil and gas giant Pertamina wants to raise up to 9.78 trillion rupiah ($653.3 million) in an initial public offering this month as it seeks to expand capacity and further develop the country's vast power-generation potential, company executives said on Wednesday.

Pertamina Geothermal Energy's IPO will be the first public listing in a number of years by a unit of Pertamina, which is fully owned by the government and the country's largest company by assets and revenue. Over 10 billion shares will be released to the public, representing 25% of PGE. The offering price is between 820 rupiah and 945 rupiah per share.

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