PT Adaro Andalan Indonesia, a subsidiary of PT Adaro Energy, is planning to raise up to 4.59 trillion rupiah (approximately $291 million) through an IPO. This decision is part of a larger strategy by the parent company to reduce its reliance on fossil fuels.
The company intends to offer a maximum of 778.7 million shares, with an expected price range of 4,590 rupiah to 5,900 rupiah per share. The final share price will be determined after the book building period, which will take place from November 12 to November 18.