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COAL’s stock was oversubscribed 23.85 times

07 September 2022 09:19

JAKARTA – The demand for the stock of PT Black Diamond Resources Tbk (COAL) was reportedly higher than the allotted shares during its IPO, recording an oversubscription of 23.58 times from September 1 to 5, 2022.

In the press release quoted Wednesday (7/9), Stefhanie Ling, Corporate Secretary of COAL, claimed that this oversubscription indicates solid trust of investors towards COAL’s future. “The buyers of our stock are spread across 35 provinces and 16 countries,” she revealed.

COAL has officially listed its stock publicly for the first time in the opening of today’s (7/9) trading session in Indonesia Stock Exchange (IDX). During its IPO week, the company offered 1.25 billion shares for IDR 100 each, collecting a total of fresh funds of IDR 125 billion.

The company is known of having a mining business license for a mine of 4,883 hectares (Ha) in Central Kalimantan. COAL generated coals with a GAR of 5,500 kkal/kg. (LK/ZH)

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