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Shares of coal miner PT Adaro Andalan Indonesia jumped by the stock exchange’s limit in their first day of trading, in a show of demand for Indonesia’s largest initial public offering in about a year and a half.
Unlike peers that diversify into green ventures, Adaro Andalan “has no immediate need to follow suit and will continue to operate as a pure-play coal,” analysts at PT Verdhana Sekuritas Indonesia, including Michael Ng, wrote in a note. Verdhana estimates the shares could rise 93% from their IPO price as it fully leverages it cash flow for dividends.
The Indonesia Stock Exchange is eyeing 66 IPOs in 2025, IDX President Director Iman Rachman said in an
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