Adaro soars on debut

Shares of coal mining giant PT Adaro Energy Tbk jumped as high as 58 percent percent in their market debut on Wednesday after the company raised US $1.3 billion in the country's largest ever IPO.

The shares rose to 1,740 or about 20 US cents one hour after trading.

Adaro offered 34.8 percent of its enlarged share capital last week, with majority of the proceeds to be used to acquire five affiliated firms.

Adaro Energy will control Indonesia's second biggest coal miner, South Kalimantan miner PT Adaro Indonesia.(alex)