Coal firm Adaro soars in Indonesia's biggest IPO
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JAKARTA, July 16 (Reuters) - Shares in Indonesian coal firm PT Adaro Energy Tbk (ADRO.JK) jumped 36 percent in their market debut on Wednesday after the company raised $1.3 billion in the country's largest ever initial public offering.
Adaro shares opened at 1,500 rupiah ($0.16) each, up from the IPO price of 1,100 rupiah a share which had been set near the top end of its 1,050-1,125 rupiah band after being oversubscribed five times.
The offer price valued the company at around 35.3 trillion rupiah ($3.83 billion).
Adaro Energy will control one of Indonesia's biggest coal miners, PT Adaro Indonesia, at a time of soaring coal prices.
Several big foreign investors active in Asia have grumbled they were shut out of Adaro's IPO despite heavy overseas interest in what was seen as an attractively priced deal.
The oversubscription and strong debut of Asia's third biggest IPOs this year, according to Thomson Reuters data, is in contrast to a number of deals which were scrapped in the last few months due to a severe downturn in global equity markets. ($1=9,135 rupiah) (Reporting by Harry Suhartono, editing by Anshuman Daga/Sugita Katyal)
