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PGE shares close right back at IPO price on first day of trading
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A screen displays the performance of PT Pertamina Geothermal Energy’s newly listed shares during the initial public offering (IPO) ceremony held in Jakarta on Feb. 24. (Pertamina Geothermal Energy/-)
P
ertamina Geothermal Energy (PGE) was officially listed on the Indonesia Stock Exchange (IDX) on Friday, but after opening higher and fluctuating widely, its shares closed at the initial public offering (IPO) price.
There was no shortage of interest in the shares, which trade under the ticker symbol PGEO, as the IPO was 3.8 times oversubscribed, exceeding a previously set target, according to the company’s official statement.
A total of 448.56 million shares were traded with a frequency of 38,032 and a transaction value of Rp 373.12 billion.
Through the IPO, PGE offered 10.35 billion new shares, equivalent to 25 percent of its capital, to raise Rp 9.06 trillion (US$596 million).
PGE president director Ahmad Yuniarto said the company had invited foreign investors through roadshows in a number of cities, including Singapore, London and New York.
“PGE has successfully attracted qualified domestic and international investors to participate in the IPO,” he said during the IPO launch ceremony on Friday.
Domestic and multinational investors participating in PGE's IPO include the Indonesia Investment Authority (INA) and Masdar, a United Arab Emirates (UAE)-based clean energy company.
