Coal Miner Jumps by Limit in Biggest Indonesian IPO of 2024
- Alamtri separating from Adaro to access more financing sources
- Offerings have lagged this year amid presidential transition
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Shares of coal miner PT Adaro Andalan Indonesia jumped by the stock exchange’s limit in their first day of trading, in a show of demand for Indonesia’s largest initial public offering in about a year and a half.
The Jakarta-based company’s stock gained 20% to 6,650 rupiah, versus its IPO price of 5,550 rupiah apiece, in trading Thursday. The surge triggered the exchange’s automatic limit and pushed the miner’s market capitalization to $3.3 billion.