Jakarta. Renewable energy company Hero Global Investment (HGII) officially debuted on the Indonesia Stock Exchange (IDX) on Thursday, with its shares rising 27 percent after its initial public offering (IPO). The company priced its IPO at Rp 200 per share, and by market opening, the stock climbed to Rp 254 per share.

Robin Sunyoto, President Director of Hero Global Investment, said the listing represents the company's contribution to Indonesia’s target of achieving net-zero emissions by 2060.

“HGII is committed to expanding its business in environmentally friendly energy, which is in line with the government’s acceleration of renewable energy,” said Robin during the listing ceremony at the IDX in Jakarta on Thursday.

The proceeds from HGII's IPO, which amounted to Rp 260 billion, will be used for expanding its renewable energy generation projects. By 2031, the company aims to own and operate renewable energy plants with a total capacity of 100 megawatts (MW).

Specifically, the funds will be directed toward the development of a 25-megawatt hydropower plant (PLTA) and a 10-megawatt mini-hydropower plant (PLTM) in North Sumatra. Construction of the 25 MW PLTA is expected to begin in 2025, while the 10 MW PLTM is scheduled to start construction in 2026. Both plants are targeted to be commercially operational by 2028.

Over the next six years, HGII plans to develop a total of 58 MW of hydropower capacity, along with additional renewable energy plants including 8 MW from biomass, 6 MW from biogas, and 10 MW from solar power. These projects are aimed at strengthening the company's position in the clean energy sector in Indonesia.

The company offered 1.3 billion shares, representing 20 percent of its total issued and paid-up capital after the IPO, which stands at 6.5 billion shares.

The IPO’s lead underwriters were OCBC Sekuritas Indonesia, which handled 86.82 percent of the offering, and UOB Kay Hian Sekuritas, which took on 13.18 percent of the underwriting responsibility.