Adaro seeks to raise $600m through IPO this year

South Kalimantan coal miner PT Adaro Indonesia plans to raise around $600 million via an initial public offering (IPO) this year, Kontan daily said on Tuesday..

 

Adaro plans to sell new shares equivalent to a 20-30 percent stake in the company, the paper quoted a source as saying.

 

Adaro is considering hiring Goldman Sachs Group Inc. and UBS AG as advisers for the share sale, David Tendian, Adaro Finance Director said on Monday. He didn't confirm the size of the sale.

 

Adaro planned to produce 36 million tons of coal this year, and the output would be ramped up to 38 million tons next year. (*)