Happy Hapsoro's RAJA Plans to Bring Subsidiary to IPO Next Year

The oil and gas issuer PT Rukun Raharda Tbk (RAJA) has provided an update regarding the planned initial public offering (IPO) of its business entity.

RAJA President Director, Djauhar Maulidi, stated that the company had actually planned to list its subsidiary on the Indonesia Stock Exchange (IDX) last year, but the plan was postponed.

“We did plan to conduct an IPO for our subsidiary, which was originally intended for last year but was delayed. God willing, if everything goes smoothly, we will realise that plan,” said Djauhar during the IDX Public Expose Live on Thursday (10/09/2026).

He declined to specify exactly when the subsidiary’s IPO would take place, noting that it depends heavily on market conditions.

“It is very dependent on the market situation and conditions, particularly within the capital market in Indonesia,” Djauhar added.

During the Q&A session, RAJA Director Ogi Rulino mentioned PT Panji Raya Alamindo when responding to questions regarding the company’s subsidiary IPO plans. However, he did not provide certainty as to whether that specific company would be the one to go public or the exact date of the realisation.

“It is very likely that one of our subsidiaries will undergo an IPO. Regarding the timing and which specific entity, it will depend on which one is most prepared. Hopefully, it can happen next year,” said Ogi.

In addition to PT Panji Raya Alamindo, RAJA holds several other business entities, including PT Raharja Energi Cepu Tbk (RATU), PT Raharja Energi Madura, PT Raharja Energi Indonesia, PT Raharja Energi Negeri, PT Energasindo Heksa Karya, PT Petrotech Penta Nusa, PT Heksa Energi Mitraniaga, and PT Layar Nusantara Gas.