Tycoon Prajogo Pangestu continues to make waves on the Indonesia Stock Exchange (IDX) as he is now reportedly preparing to launch another IPO from his mining and energy business line under PT Petrindo Jaya Kreasi (CUAN) after successfully listing PT Chandra Daya Investasi − an infrastructure investment arm of PT Chandra Asri Pacific (TPIA).
According to Katadata.co.id, CUAN is planning to take its subsidiary PT Intam, which operates in gold mining exploration, public via an initial public offering (IPO). PT Intam holds a mining concession spanning 18,500 hectares (ha) in Sumbawa, West Nusa Tenggara.
“This is indeed the CUAN subsidiary that was rumored to be heading for an IPO,” a source familiar with PT Intam’s exploration activities was quoted by Katadata on Wednesday, July 16, 2025. While the IPO timeline remains uncertain, market speculation has circulated among investors for some time. Previously, Barito Group management denied any plans for such a corporate action.
Apart from Intam, IPO rumors have also surfaced around PT Griya Idola, a property arm of PT Barito Pacific (BRPT). A separate Katadata source confirmed that PT Intam had recently completed exploration activities in the Ledang area, Lenangguar sub-district, Sumbawa, West Nusa Tenggara and the results pointed to promising gold reserves. The company holds a mining permit valid until 2035.
“The area will be the focus of more detailed exploration going forward,” the source added. Notably, Intam’s concession borders the gold mining concession of PT Amman Mineral International (AMMN) − home to one of the world’s largest gold and copper reserves.
Corporate filings reveal that PT Intam is a grandchild company under CUAN, held through PT Equator Sumber Energi (ESE), a holding company in which CUAN holds a 65 percent stake, while ESE owns 99.9 percent of Intam. CUAN has stated that Intam is focused on exploring gold and silver, with rising demand driven by technological advancements.
“This move isn’t just about short-term profit − it’s about building a solid foundation for long-term growth,” CUAN management said in a media statement released on Wednesday, July 16, 2025.
Angelin Sumendap, Corporate Communications at Barito Pacific Group, responded to inquiries saying that there are currently no IPO plans for either PT Intam or Griya Idola. Both firms, she said, remain focused on executing their business development strategies to deliver stakeholder value.
Interestingly, Mirae Asset Sekuritas also hinted at an upcoming IPO from a Prajogo-owned gold mining company − possibly larger in reserve size than CUAN itself − and named PT Griya Idola as another candidate.
As speculation grows, all eyes are now on whether Prajogo will greenlight another major listing from within his sprawling corporate empire.
Already have an account? Sign In
-
Start reading
Freemium
-
Monthly Subscription
20% OFF$29.75
$37.19/MonthCancel anytime
This offer is open to all new subscribers!
Subscribe now -
Yearly Subscription
33% OFF$228.13
$340.5/YearCancel anytime
This offer is open to all new subscribers!
Subscribe now
Set up email notifications for these topics
