By M. Zaki Mubarok
Renewable energy firm PT Hero Global Investment Tbk is set to launch its Initial Public Offering (IPO), offering up to 1.3 billion shares or 20% of its issued and paid-up capital after the IPO. With a nominal value of IDR 25 per share, the shares will be priced between IDR 200 and IDR 230 per share, potentially raising up to IDR 299 billion (approximately USD 18.75 million).
According to the prospectus issued on Wednesday, the company will list its shares on the Indonesia Stock Exchange (IDX) once it receives an effective statement from the Financial Services Authority (OJK). Proceeds from the IPO are intended to support operations and expand its renewable energy ventures, which include mini-hydro and biogas power plants.
Hero Global Investment’s key assets is the Parmonangan-1 Minihydro Power Plant located in Manalu Dolok Village, North Tapanuli, North Sumatra. This Run-Off River plant has been operational since July 13, 2017, and generates an estimated 51.2 million kWh of electricity annually with a contracted capacity of 9 MW.
Read also: Medco Power aims to strengthen assets in preparation for IPO
The company also owns the Parmonangan-2 Minihydro Power Plant, which began operations on May 28, 2021. Designed with a Direct Cascade system, the plant utilizes water discharged from Parmonangan-1 to produce an estimated 59.1 million kWh annually with a capacity of 10 MW.
In addition to its mini-hydro assets, Hero Global Investment manages the Ujung Batu Biogas Power Plant in Ujung Batu, Rokan Hulu, Riau Province. The plant, which began commercial operations on April 20, 2023, converts palm oil mill effluent (POME) into biogas energy. It produces approximately 21 million kWh annually with an installed capacity of 3 MW while reducing carbon emissions by 70,000 tons of CO₂ per year.
Editing by Alexander Ginting
