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RATU - IPO timeline and proceeds Raharja Energi Cepu (RATU), a subsidiary of Rukun Raharja (RAJA), will IPO with an initial price range of IDR900–1,150/sh, aiming to raise up to IDR624.46 bn. This IPO values at an estimate IDR 2.44-3.12 tn. Key details: 1. Shares Offered: 543.01 mn (20% of total shares post-IPO). Includes: - 190.05 mn new shares (7%). - 352.96 mn divestment shares (13%) owned by RAJA. 2. Offering Schedule - Book Building: 17–23 Dec 2024 - Offering Period: 2–6 Jan 2025 - Listing Date: 8 Jan 2025 3. Use of Proceeds: - ~IDR157.36 bn (25.2%): Loan to Raharja Energi Tanjung Jabung (RETJ) for Jabung Block obligations (PetroChina). - ~IDR34.96 bn (5.5%): Loan to Petrogas Jatim Utama Cendana (PJUC) for Cepu Block obligations (ExxonMobil). - Remaining funds for oil & gas feasibility studies. *Proceeds from the divestment shares will be fully received by RAJA (Source : Kontan, KBVS Research)