Banpu sells $400 million of shares in Indonesian coal mining unit

The upsized block in ITMG comes as two other Indonesian companies launch sizeable IPOs.

Indonesia continues to grab the headlines with several equity deals hitting the market over the past couple of days. On Wednesday evening, Thailand’s biggest coal miner Banpu raised about $400 million from a sale of an 8.7% stake in its Indonesian subsidiary, PT Indo Tambangraya Megah ITMG, which marked Indonesia’s second largest block trade in 10 years.

Earlier that same day, Indofood CBP had set the price range for its initial public offering and kicked off the domestic roadshow, and yesterday Harum Energy, another coal miner launched yet another IPO.

Both IPOs are sizeable, with Indofood CBP looking to raise between $554 million and $709 million and Harum Energy targeting between...

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