strong-international-interest-for-indika-energy

Strong international interest for Indika Energy

The Indonesian coal miner sets the price of its IPO at the top for a total deal size of $298 million, while Adaro decides to focus primarily on domestic accounts for its share offering.
May 28, 2008
PT Indika Energy, which owns 46% of IndonesiaÆs third largest coal mine, attracted strong interest from international investors for its initial public offering, at a time when coal prices are scaling new highs.

The high demand allowed the company to fix the price at the top end of the indicated range of Rp2,300 to Rp2,950 per share, making Indika the first listing candidate of size in Asia do so since China Railway Construction CorporationÆs IPO in early March. The final price resulted in a total deal size of Rp2.76 trillion $298 million.

The overall deal was 17 times covered, according to a statement by the company earlier this week, but sources say institutional investors...
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