Indonesia Energy Corp Ltd (INDO)

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Bisnis.com, JAKARTA -- The initial public offering or IPO of Pertamina's subsidiary, PT Pertamina Hulu Energi (PHE), is predicted to gain massive funding and become one of the largest IPOs. However, it turns out that it will not have a big impact on the JCI. As previously reported by Bisnis, SOE Deputy Minister I Pahala Nugraha Mansury said, for the implementation of the PHE IPO, it was still in process with the Financial Services Authority, including confirming the first and second registration documents, and waiting for the next registration. In this case, the Ministry of SOEs also admits that they still need to discuss with the OJK and the Indonesia Stock Exchange (IDX) regarding the potential for releasing PHE shares to the public below 7.5 percent. This is because the market capitalization of Pertamina's subsidiary is quite large, with an estimate of US$17-20 billion. "Especially because there is a current limit for a public company to be 7.5 percent. So later we will talk to the IDX and the OJK about this rule, maybe not, if for example it's not 7.5 percent," Pahala explained. In addition, BUMN has partnered with 5 foreign and local joint lead underwriters, namely Citibank, J.P Morgan, Credit Suisse, Mandiri Sekuritas, and BRI Danareksa as the main adviser for the IPO. Previously, Pahala also said that PHE was said to be releasing a 5 to 10 percent portion of shares to the public in an initial public offering on the IDX which was targeted to be completed by the end of the first half of 2023. Also Read Palmco IPO Targeted End of This Year, Progress Still Waiting for Subsidiary Merger IPO Activities Indonesia is Most Bustling, Securities Business Takes Part in Pertamina Hulu's IPO Opportunity Still Under Review by OJK, When Will It Take Off? The planned share of shares to be offered to the public is lower than the portion of shares that was conveyed by PHE President Director Wiko Migantoro during a hearing with Commission VII DPR RI on April 10 2023 with a target of releasing up to 15 percent of its shares in an initial public offering to the public. With a large market capitalization, PHE's IPO plan is also predicted to be the biggest capital market event with an estimated fundraising of up to IDR 30 trillion. This fundraising will beat the largest IPO currently held by PT Bukalapak.com Tbk. (BUKA) which raised IDR 21.9 trillion in funds. Panin Asset Management Director Rudiyanto in his analysis revealed that PHE's weight on the Jakarta Composite Index (IHSG) would not be large. "Even though PHE's IPO is large, if the free float is only 10 percent, the weight on the JCI will also be small. It's different from GOTO, where the portion of public shares can reach more than 60 percent," he told Bisnis, quoted on Wednesday (5/7/2023). In addition "If PHE ends up going IPO before the political year, according to Rudiyanto, it will not have much effect on both the company's performance and the capital market's performance. "Political year or not, there should be no business, if IPO just returns to valuation. If it is too expensive, the upside potential is limited. But if the price is too cheap, it can be canceled because the issuer doesn't want it," he explained. Chief Executive of the Capital Market Supervision of the Financial Services Authority Inarno Djajadi also reported that so far PHE's IPO has not been included in the list of companies lining up for an IPO in semester II/2023. However, it is hoped that it will still be able to enter the stock exchange floor this year."So at this time we also cannot provide details for the PHE IPO because it is still in the review process at us and it is not yet pre-effective, just wait, hopefully it will enter this year," he said in a presentation of the results OJK Board of Commissioners Meeting, Tuesday (4/7/2023) Check other news and articles on Google News Check out other news on the topic of this article, here: ipo pertamina geothermal energy BUMN OJK bei Editor : Pandu Gumilar

This article has been published on Bisnis.com with the title "Targeting Jumbo Fund Raises, How Does PHE's IPO Affect the JCI?" achievement-jumbo-funds-how-influence-ipo-phe-to-ihsg.
Author: Mutiara Nabila
Editor : Pandu Gumilar

https://market.bisnis.com/read/20230705/7/1672016/targetkan-raihan-dana-jumbo-bagaimana-pengaruh-ipo-phe-ke-ihsg