Indonesia's Barito Renewables Energy up 25% in market debut - Nikkei Asia
Indonesia's Barito Renewables Energy up 25% in market debut - Nikkei Asia
JAKARTA -- Indonesia's Barito Renewables Energy jumped 25% on Monday as the geothermal operator made its market debut in Jakarta after raising 3.13 trillion rupiah ($200 million) in an initial public offering last week.
The shares rose to 975 rupiah apiece at the session's open on the Indonesia Stock Exchange (IDX), up 25% from their IPO price of 780 rupiah -- which was the top of the IPO price range. More than 4 billion shares were sold to the public, representing just 3% of the company, which is a subsidiary of Indonesian energy group Barito Pacific.
Related Knowledge Center: ENERGY BASICS: renewables
Renewable energy sources — once the fuel of the future, then practical in specific, narrow applications — are increasingly economic mainstream sources of power generation. Hydropower was long the mainstay of U.S. renewable electricity generation, although wind power surpassed hydro for the first time in 2019, and solar continues its rapid growth. The continued growth of wind and solar, with their fluctuations, is tied in part to improvements in storage technology: batteries.