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(Bloomberg) — PT Barito Renewables Energy, owned by Indonesian billionaire Prajogo Pangestu, is poised to raise 3.13 trillion rupiah ($203 million) through an initial public offering in Jakarta, according to a statement published on Monday. 

The company, which has Pangestu’s energy firm PT Barito Pacific as its main shareholder, priced the shares at 780 rupiah apiece, the top of a marketed 670-780 rupiah price range. 

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The offering adds to a strong line up of IPOs in Indonesia this year, where proceeds have jumped to $3.2 billion since the start of 2023. That’s more than twice the amount raised during the same period last year, according to data compiled by Bloomberg. 

Barito Pacific shares jumped as much as 3.5% in early trade, while affiliated coal miner PT Petrindo Jaya Kreasi surged 3.9%.

Barito Renewables will use the proceeds to partially repay debt to Bangkok Bank Pcl and to buy geothermal power plants in Java, according to the prospectus. 

The company is Indonesia’s largest geothermal power producer and the third-largest globally by installed capacity, Ethan Aw, an analyst at Aequitas Research, wrote in a report on Sept. 21, citing information from the company. 

“Its revenue has been primarily driven by electricity and steam sales to PLN, as Pertamina Geothermal Energy’s exclusive contractor and its profitability has been on the rise over the track-record period,” Aw said. Perusahaan Listrik Negara, known as PLN, is the state utility firm. 

Barito Renewables is expected to start trading in Jakarta on Oct. 9. PT BNI Sekuritas and PT OCBC Sekuritas Indonesia are the underwriters. 

(Updated to add share moves in fourth paragraph.)

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