PT Barito Pacific (BRPT) has dismissed market speculation surrounding the rumored initial public offering (IPO) of two companies linked to Indonesia’s richest man Prajogo Pangestu − its property subsidiary PT Griya Idola and an unnamed gold mining company.
The rumors surfaced shortly after PT Chandra Daya Investasi (CDIA), a subsidiary of PT Chandra Asri Pacific (TPIA), officially listed its shares on the Indonesia Stock Exchange (IDX) on July 9, 2025.
Responding to the speculation, Barito Pacific Group’s Corporate Communication representative, Angelin Sumendap, clarified that there are currently no IPO plans for either entity.
“At this stage, both companies are focused on executing their business development strategies to create added value for our stakeholders,” Angelin told Katadata.co.id on Monday July 14, 2025.
Earlier, Mirae Asset Sekuritas had reported on the potential IPOs, citing two new entities under Prajogo Pangestu’s business empire. The first is PT Griya Idola, a BRPT subsidiary engaged in the property sector with 1,200 hectares of land in Subang, West Java and a housing development project in Tangerang, Banten.
The second is a gold mining firm whose name has yet to be revealed. According to Mirae Asset, this mining entity is believed to possess larger gold reserves than PT Petrindo Jaya Kreasi (CUAN), one of the major players in Indonesia’s gold mining industry.
Meanwhile, CDIA’s market debut has been met with overwhelming enthusiasm. The company’s stock surged 34.74 percent on its first day, hitting the upper auto-reject limit (ARA) at Rp256. CDIA is the 17th company to go public on the IDX in 2025.
The IPO was oversubscribed by 563.64 times, with participation from over 400,000 investors, highlighting strong market appetite for the expanding Barito Group.
Prajogo Pangestu’s vast business empire already includes multiple listed companies under the Barito Group, such as PT Barito Pacific (BRPT), PT Chandra Asri Pacific (TPIA), PT Petrosea (PTRO), PT Petrindo Jaya Kreasi (CUAN), and PT Barito Renewables Energy (BREN) − the latter focusing on renewable energy development.
While current plans do not include new IPOs, industry observers continue to watch the group’s next move as Barito Pacific aggressively expands across energy, petrochemical, mining, and property sectors.
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