JAKARTA. PT Adaro Minerals Indonesia Tbk (ADMR), one of the coal mining and trading companies under Adaro Group, might gain fresh funds of IDR 604.86 billion by the end of its initial public offering (IPO), which would start at the end of this year.
ADMR has fixed the IPO price on the lower limit of the specified price range determined earlier this December of IDR 100 to 125 per share. Meanwhile, the total number of publicly issued shares amounts to 6.05 billion shares or 15% of the total issued and paid-up capital.
In the released prospectus, ADMR plans to allocate 58.83% of the IPO proceeds as a loan facility for its subsidiary, PT Maruwai Coal. Then, the rest of them would be used to refinance ADMR’s debts owed to its parent company, PT Adaro Energy Tbk (ADRO).
The public offering period of ADMR’s shares would be initiated on December 27 and end on December 29, 2021. The electronic distribution of the shares would follow on December 30, 2021, while the listing would take place on January 3, 2021.
Based on idnfinancials.com data, ADRO currently controls 81.76% of ADMR’s shares, while PT Adaro Mining Technologies claims another 10.54%, and PT Alam Tri Abadi owns 7.70%. (KR/ZH)