Harum Energy aims to get Rp 3.38t in IPO

JAKARTA: Coal miner Harum Energy plans to sell its shares for Rp 5,200 (about 60 US cents) apiece in the company’s initial public offering (IPO) to be held early next month, an underwriter handling the offering says.

Harum hopes to raise Rp 3.38 trillion from the sale of its 650 million shares during the offering, underwriter Mandiri Sekuritas investment director underwriter Iman Rachman said in Jakarta on Monday.

“The market’s response to Harum Energy’s IPO has been quite good,” Iman said.

Harum president director Ray A. Gunara previously said the proceeds from the IPO would be used for the company’s subsidiaries in coal production, to buy tug boats and barges to increase carrying capacity and for exploration and drilling, as well as to pay back loans.

The shares will be officially listed on the Indonesia stock exchange on Oct. 6. — JP