BREN – Mainly spent IPO proceeds for debt repayment

BREN – Mainly spent IPO proceeds for debt repayment Barito Renewables Energy (BREN) submitted a report on the realization of IPO funds on December 31, 2023. Previously, BREN received a total net proceeds (after expenses) of around IDR3.08 tn from its IPO. Moreover, BREN spent around IDR2.58 tn of total net proceeds for debt repayment; 1) around IDR1.43 tn for partial payment of facility B debt to Bangkok Bank Company Limited, 2) IDR1.05 tn for obligation payment to Star Energy Oil and Gas Pte Ltd., 3) IDR95.49 bn for obligation payment to the company. As a result, the remaining proceeds from its IPO is around IDR497.38 bn. Note that, at its IPO, BREN only sold 3% of its total shares to the public at a price of IDR780 per share on October 3-5, 2023. (Source: Investor Daily)