ndonesian palm oil producer, PalmCo is hoping to raise US$500 million via IPO planned in the fourth quarter of 2023.
PalmCo is a unit of state agricultural group Perkebunan Nusantara (PTPN) III and according to the company spokesperson, the funds raised will be allocated for added-value investment such as technical culture improvement, investing in downstream business and the use of renewable energy in relation to decarbonisation efforts.
The listing will also help to solidify Indonesia’s IPO market as one of the world’s hottest, second only to China in the Asia Pacific region.
PalmCo was carved out along with SugarCo, which handles PTPN’s sugar business, and SupportingCo, which manages assets ranging from coffee to tea plantations, as part of the Indonesian government’s national strategic plan. It has a total of 560,078 hectares of oil palm plantations in Indonesia.