PT Barito Renewables Energy jumped in its first day of trading after raising 3.13 trillion rupiah ($200 million) in Indonesia’s fifth-biggest initial share sale this year.
The company, owned by billionaire Prajogo Pangestu, gained as much as 25% to 975 rupiah in Jakarta trading on Monday, hitting the upper limit allowed on the Indonesian stock exchange. The IPO was priced at 780 rupiah, the top of its marketed range. About 4 billion shares were sold in the offering that was oversubscribed by more than 135 times, according to a statement on Monday.
Barito Renewables is set for the best first-day performance among six companies that raised more than $100 million through listings in Indonesia since the start of the year, Bloomberg-compiled data show. It adds to a strong lineup of IPOs in Southeast Asia’s largest economy this year, taking the proceeds to $3.44 billion for 2023.
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