The company, which owns geothermal assets, plans to release around 4 billion shares, equivalent to 3 percent of its share capital, at Rp 780 apiece, according to its prospectus.

The same document also shows the company plans to use 68 percent of the proceeds to repay loans from Bangkok Bank and the rest for capital injection into its business units.

Barito Renewables’ IPO follows the offering by Pertamina Geothermal Energy (PGE), the geothermal arm of state-owned oil and gas giant Pertamina, which raised $596 million in February.

Read also: PGE shares close right back at IPO price on first day of trading

Tuesday marks the beginning of the IPO subscription date until Oct. 5 with shares of the company expected to be traded publicly on the Indonesia Stock Exchange (IDX) on Oct. 9.

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Barito Renewables, which is also a shareholder of geothermal electricity producer Star Energy Geothermal Group, owns a majority stake in the operational assets of three geothermal working areas located in West Java, namely, Wayang Windu, Salak and Darajat.

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