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Indonesia's Bayan shares open flat in market debut

Mon Aug 11, 2008 10:35pm EDT

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(For IPO news, data and diary, click <ID/IPOMENU>)

JAKARTA, Aug 12 (Reuters) - Shares in Indonesian coal miner PT Bayan Resources Tbk (BYAN.JK), opened unchanged from the offer price in their market debut on Tuesday, following a $530 million initial public offering, the second-biggest IPO in the country's coal sector.

Bayan's shares opened at 5,800 rupiah, valuing Bayan at $2.1 billion. The company was valued at about six times its 2009 earnings, its underwriter had said.

PT Adaro Energy Tbk (ADRO.JK), Indonesia's second-biggest coal producer, sold $1.3 billion worth of shares in Indonesia's biggest IPO in history, and listed on the exchange in July.

PT Bumi Resources Tbk (BUMI.JK), valued at about $11 billion, is the country's biggest coal firm by market capitalisation.

A total of 833 million Bayan shares, including 333 million new shares and 500 million from three existing individual shareholders, were sold to investors.

Trimegah Securities Tbk (TRIM.JK) was the lead manager for the offering.

Proceeds from the sale of the new shares, worth 1.93 trillion rupiah ($211 million), will be used to help finance expansion. The company will not receive the funds from the sale of shares owned by existing shareholders. ($1=9,170 rupiah) (Reporting by Harry Suhartono, editing by Sara Webb)



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