Indika kicks off $233 million IPO

The Indonesian coal producer has set the price range at a sizeable discount to its peers.

PT Indika Energy, which owns 46% of IndonesiaƆs third largest coal mine, will kick off the institutional bookbuilding for its initial public offering today with the aim of raising between Rp2.16 trillion and Rp2.76 trillion $233 million to $298 million, sources close to the deal have confirmed.

The shares will be priced between Rp2,300 and Rp2,950 apiece and the company is selling 18% of its enlarged share capital. Of the 937.3 million shares on offer through the base deal,...

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