SINGAPORE : Pertamina Geothermal Energy, a unit of Indonesia's state energy firm Pertamina, declined 6.9 per cent in its trading debut on Friday after raising 9.06 trillion rupiah in the country's biggest listing in almost a year.
The weak debut could weigh on sentiment surrounding upcoming IPOs in Indonesia this year. Pertamina Geothermal's parent Pertamina is also planning an IPO of its upstream unit Pertamina Hulu Energy. Pertamina Geothermal's IPO was the largest in Indonesia in almost a year after the $1.1 billion listing of tech firm GoTo in April. GoTo has also not done well, share performance wise, with share prices having fallen more than 60 per cent since IPO.