JAKARTA Indonesia's Pertamina Geothermal Energy, a unit of the state energy company Pertamina, plans to raise a maximum 9.78 trillion rupiah $652.00 million in an initial public offering this month.
The shares would be offered at 820 rupiah to 945 rupiah a piece, and book building would be launched on the same day, the company said in a prospectus on Wednesday.
The public offering will be held on February 20 - 22. Underwriters were CSLA Sekuritas Indonesia, Credit Suisse Sekuritas Indonesia and Mandiri Sekuritas.
The prospectus said that most of the proceeds from the share sale are expected to be invested into capacity expansions of its working geothermal areas.
Pertamina's chief executive said last year the company wanted to double its geothermal capacity by around 2027 -- 2028, which could cost an estimated $4 billion.
Indonesia is trying to reduce energy imports and reduce carbon emissions as a result of efforts to reduce energy imports and reduce carbon emissions.