Pertamina Geothermal Said to Price Indonesia IPO Near Mid Range

Pertamina Geothermal Energy Tbk priced its initial public offering at 875 rupiah (6 US cents) a share, near the middle of the marketed range, according to three people with knowledge of the matter.

The Indonesian state-owned company is raising about 9 trillion rupiah from the IPO, according to one of the people, who asked not to be identified as the information is private. Pertamina Geothermal had offered the shares at 820 rupiah to 945 rupiah each. It is set to be Indonesia’s largest IPO in the past year, with listing slated for Feb. 24.

The IPO process is ...