State owned Indonesian Geothermal Energy Company, Pertamina Geothermal Energy have officially been listed on the Indonesian stock exchange with stock code PGEO. Starting from today, Friday the 24th of February.
Pertamina Geothermal Energy has become the 19th new company to be listed on the Indonesian stock exchang so far this year. Pertamina Geothermal Energy or PGEO will also be listed on the Syariah Index.
In its first day of trading, Pertamina Geothermal Energy managed to strengthen to Rp925 per share. But then fell to Rp815, Rp50 less than its ipo price of Rp875. At the end of trading, PGEO's shares closed at its original IPO price.
In their IPO, Pertamina Geothermal Energy offered 10 point 3-5 billion of their shares to the public. Gathering funds of 9 trillion rupiah.
85 percent of the IPO funds will be used to grow the company's business until 2025. Which include increasing the capacity of their geothermal plants across Indonesia.