JAKARTA, RAKYAT NEWS – The leading PT Raharja Energi Cepu (RATU), a subsidiary of PT Rukun Raharja Tbk (RAJA), is forecasting a significant revenue increase to $65 million (approximately IDR 1.04 trillion) in 2025 following its initial public offering (IPO) on the Indonesia Stock Exchange (IDX).

The company, owned by Hapsoro Sukmonohadi, also known as Happy Hapsoro, aims to capitalize on its promising oil and gas assets to drive growth.

According to its prospectus, RATU plans to issue 543.01 million shares, representing 20% of its paid-up and issued capital post-IPO. The energy firm has set its IPO price range at IDR 900–1,150 per share, translating to an equity valuation of $163 million to $208 million. Analysts from Henan Putihrai Sekuritas project the company’s enterprise value (EV) in 2024 to range between $135 million and $181 million.

Henan Putihrai Sekuritas estimates RATU will generate $63 million in revenue and an EBITDA of $30 million in 2024. By 2025, revenue is projected to grow to $65 million, with EBITDA increasing to $31 million (approximately IDR 498.58 billion). This growth is attributed to robust oil reserves, long-term contracts, and partnerships with leading global companies.

RATU’s operations are anchored in two key oil and gas blocks: Cepu and Jabung. The Cepu block boasts 841 million barrels of proven reserves (P1) and 199 million barrels of probable reserves, while Jabung holds 17.2 million barrels of proven reserves and 8.8 million barrels of probable reserves. These reserves are expected to provide a stable foundation for revenue generation.