Three Indonesia state company IPOs could raise $3bn total: minister

JAKARTA -- Indonesia is planning initial public offerings for three nationally held companies over the next year that could potentially raise a combined $3 billion, Minister of State-Owned Enterprises Erick Thohir told Nikkei Asia.

Thohir confirmed previous reports suggesting the listing plans of three more SOEs following Pertamina Geothermal Energy, which raised 9.06 trillion rupiah ($598 million) in February in the fourth-largest IPO on the Indonesia Stock Exchange (IDX) so far in 2023. The three other IPOs in the pipeline are for Pertamina Hulu Energi, a larger upstream subsidiary of state oil giant Pertamina, palm oil producer PalmCo and fertilizer maker Pupuk Kaltim. The minister did not specifically name the companies, but it was clear he was referring to them.