Adaro jumps 60% in Indonesia’s biggest IPO

  • Business Premium
  • Thursday, 17 Jul 2008

JAKARTA: Shares in PT Adaro Energy Tbk leapt as much as 60% in their market debut after the Indonesian coal firm priced the issue lower than expected and raised US$1.3 billion in the country’s largest ever initial public offering.

The over subscription and strong debut of Asia’s third biggest IPO this year outside Japan, according to Thomson Reuters data, is in contrast to many deals that were scrapped in the last few months due to a severe downturn in global equity markets.

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