The company, owned by tycoon Garibaldi Thohir’s PT Adaro Energy, will offer as many as 778.7 million shares at between 4,590 rupiah and 5,900 rupiah each, according to a local stock exchange filing. Final pricing will take place after the book building period from Nov. 12 to 18.
Adaro Energy is spinning off the coal mining unit valued at $2.45 billion to focus on developing cleaner energy, with an aluminum smelter being built in Kalimantan. A number of coal miners in Indonesia — the world’s top exporter of thermal coal — are boosting investment in metals and renewable energy to benefit from the world’s green transition.
The mining giant has offered a final cash dividend of as much as $2.63 billion, or 1,346 rupiah apiece, to encourage shareholders to participate in Adaro Andalan’s share offering. It plans to seek shareholder approval on the payout plan at a meeting on Nov. 18.
