Daily Brief Indonesia: Barito Renewables Energy, Elevarm Technologies , GMR Hyderabad International Airport, Jejakin and more

• Barito Renewables Energy (BREN IJ) raised around US$200m in its Indonesian IPO, after pricing at the top end at IDR780/share. Its eight-month lockup will expire on 29th May 2024.
• Barito Renewables (BR) is Indonesia’s largest geothermal power producer, and the third-largest globally by installed capacity, as per the firm.
• In this note, we will talk about the lock-up dynamics and updates since our last note.

• Indonesia’s integrated farming productivity platform Elevarm has secured US$2.6 million in a seed funding round led by Singapore’s Insignia Ventures Partners.
• 500 Global and eFishery founder and CEO Gibran Huzaifa also participated.
• The strategic raise, completed in two phases, will be used to scale Elevarm’s seedlings and organic fertiliser production capacity threefold to meet growing demand.

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

• GMR Hyderabad International Airport
• Lippo Karawaci

• Jejakin, an Indonesian-based carbon management platform, has secured US$2.7 million in a funding round from Bhinneka Power, Indogen Capital, SMDV, and East Ventures.
• The capital will be mainly invested in R&D, technological improvement, and market growth.
• Jejakin was founded in 2018 by Arfan Arlanda, Sudono Salim (CGO), Andreas Djingga (COO), and Haris Iskandar (Chief of Sustainability and Climate Change) with a mission to make a positive impact on the environment.