JakartaGlobe-Dec 10
In less than two months after its initial public offering, Barito Renewables Energy (BREN), a geothermal company owned by conglomerate Prajogo Pangestu, has claimed the top position in the list of companies with the highest market capitalization on the Indonesia Stock Exchange (IDX), surpassing Bank Central Asia Tbk (BBCA).
During early trading on Friday, BREN’s stock price briefly reached Rp 8,150, propelling its market capitalization to Rp 1.09 trillion, thereby outperforming BCA with a market cap of Rp 1.08 trillion at the same juncture. At Friday’s closing, BREN’s market cap reached Rp 1.077 trillion, while BBCA stood at Rp 1.068 trillion.
The company recently went public on Oct. 9, 2023, for Rp 780 per share. Notably, within less than two months, BREN’s shares have witnessed an impressive surge, increasing by 932 percent. In the ranking of the top three companies with the largest market capitalization, Bank Rakyat Indonesia (BBRI) is in third place with a market cap of Rp 813 trillion. Meanwhile, Bayan Resources (BYAN) is in fourth place with a market cap of Rp 631 trillion, and Bank Mandiri (BMRI) is in fifth place with a market cap of Rp 526 trillion. Barito Renewables’ increasing market capitalization has elevated its owner, Prajogo Pangestu of the Barito Group, to become the wealthiest individual in Indonesia and secure the 27th position on the global billionaires’ list. This places him one spot ahead of Zhang Yiming, the founder of ByteDance, the Chinese technology company behind TikTok. As per Forbes’ Real-Time Billionaires List, Prajogo Pangestu now possesses a fortune of US$ 43.6 billion (Rp 677 trillion), while Zhang Yiming’s net worth stands at US$ 43.4 billion. Read more at: https://jakartaglobe.id/business/barito-dethrones-bca-as-indonesias-biggest-listed-company
