Mandiri Sekuritas, as Lead Underwriter with other syndicate members, raised fresh funds of IDR 9,06 trillion or US$ 596 million from the initial public offering (IPO) of PT Pertamina Geothermal Energy Tbk (PGEO) officially listed in the Indonesia Stock Exchange (IDX) on 24 February 2023.

One of the largest geothermal companies in the world will use around 85% of the IPO proceeds for business expansion until 2025. Development actions include additional capacity-building investments from PGEO's operational Geothermal Working Areas (WKP), digital capabilities, analytics, and reservoir management.

"PGEO's IPO has paved the way for investment in Indonesia's renewable energy (EBT) sector. From the funds raised, the company's fundamental conditions and business plans, we believe PGEO will open the public's view of investing in EBT in the future," said Mandiri Sekuritas AVP of Equity Research Henry Tedja in an interview with CNBC Indonesia, Wednesday, 2 March 2023.

Mandiri Sekuritas congratulates PGEO on the successful IPO. We wish you success and hope this corporate action can help the renewable energy development in Indonesia to achieve the 2060 Net Zero Emissions target.