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Indonesia's Adaro lifts IPO target to 12 trln rph

Wed May 14, 2008 10:08pm EDT

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JAKARTA, May 15 (Reuters) - Indonesia's second-largest coal miner, PT Adaro Energy, said it aims to raise up to 12 trillion rupiah ($1.29 billion) from selling 34.8 percent of its share capital through an initial public offering.

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Adaro also said in a statement obtained by Reuters on Thursday that it had appointed PT Danatama Makmur as the lead manager for the IPO and UBS (UBSN.VX), Morgan Stanley (MS.N) and DBS (DBSM.SI) will be international placement agents.

The company had previously said it expected to raise around 10 trillion rupiah. (Reporting by Nury Sybli, writing by Harry Suhartono, editing by Ed Davies)

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