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Indonesia's Indika jumps 11.9 pct on debut

Tue Jun 10, 2008 10:37pm EDT

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JAKARTA, June 11 (Reuters) - Shares in Indonesian coal producer PT Indika Energy Tbk (INDY.JK) jumped 11.9 percent on their debut on Wednesday, after raising $300 million in the biggest IPO in the country so far this year.

Indika's shares opened at 3,300 rupiah ($0.354), compared to the IPO price of 2,950 rupiah, before rising further to 3,525 rupiah.

The company has sold about 937.3 million shares, or 18 percent of its enlarged share capital, in a deal handled by Citigroup (C.N), Deutsche Bank (DBKGn.DE), Mandiri Sekuritas, Danareksa Sekuritas and Indo Premier Securities.

The debut comes ahead of a initial public offering by the country's second-largest coal miner, PT Adaro Energy, which will debut on July 2.

Several Indonesian companies plan to list this year after firms raised a combined 17.5 trillion ($1.9 billion) rupiah via IPOs last year, nearly six times the total in 2006. ($1=9,314 rupiah) (Reporting by Harry Suhartono and Nury Sybli, editing by Sugita Katyal)



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