JAKARTA. PT Adaro Andalan Indonesia (AADI), a coal mining company under PT Adaro Energy Indonesia Tbk (ADRO), will initiate its public offering (IPO) in Indonesia Stock Exchange (IDX).

The number of shares offered by AADI is 778.68 million, equal to 10% of total issued and paid-up capital of AADI post-IPO.

Each share has a value of IDR 3,125, and will be offered for IDR 4,590 to IDR 5,900 per share. Assuming that the price is fixed to its highest range of IDR 5,900, AADI might end up raking in fresh funds of IDR 4.59 trillion from IPO.

The bookbuilding of AADI’s shares is scheduled to take place from November 12 to 18, followed by public offering on November 29 – December 3, and listing on IDX on December 5, 2024.

AADI has assigned PT Trimegah Sekuritas Indonesia Tbk (TRIM) as its lead underwriter. For the record, AADI is an affiliate of TRIM due to the same ultimate beneficial owner of the shares.

As of June 30, 2024, ADRO controlled 99.99% of AADI, leaving the remaining 0.01% to Adaro Strategic Investments. (KR/ZH)