Pertamina's geothermal unit looks to raise up to $652m from Indonesia IPO

Pertamina's geothermal unit looks to raise up to $652m from Indonesia IPO

FILE PHOTO: Officials inspect a steam separator tower at Pertamina’s geothermal binary plant in Lahendong, Tomohon, North Sulawesi province, Indonesia, April 25, 2022. REUTERS/Fransiska Nangoy

Indonesia’s Pertamina Geothermal Energy, a unit of state energy company Pertamina, plans to offer as much as 25% of its stake in an initial public offering this month to raise a maximum 9.78 trillion rupiah ($652.00 million) in proceeds.