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oal mining company PT Atlas Resources listed its shares on the Indonesia Stock Exchange (IDX) on Tuesday after raising Rp 975 billion (US$109,2 million) from selling its shares via an initial public offering (IPO) scheme.

Atlas’ shares were at Rp 1,540 as of the day’s close, up by 2.67 percent from its opening price of Rp 1,500.

The company is the 18th to list its shares this year, with the IDX expecting a total of 25 companies to go public this year.

“The listing is our commitment to run our business in a more transparent way,” Atlas Resources’ president director Andre Abdi said.

Atlas Resources, whose bourse ticker is ARII, sold 21.67 percent - or 650 million - of its shares to the public. Each of the shares was sold at Rp 1,500.

One of Atlas’ underwriters, PT UBS Securities, reported that 91.64 percent of the share buyers were institutional investors, while the remaining 8.36 percent were retail investors.

UBS Securities’ head of investment Rajiv Louis said that Noble Group Limited, Asia’s largest trading company, was one of the buyers.

“Noble bought about 10 percent of the total shares offered at the IPO,” Louis said.

During the listing, Atlas’ market capitalization was at Rp 4.5 trillion.

Atlas plans to spend 60 percent, or Rp 540 billion, of the IPO proceeds for its working capital, capital expenditure for infrastructure and facilities’ upgrades at one of its new production sites, the Hub Muba in South Sumatra.

Atlas also obtained syndicated loans worth $90 million from Bank Permata, Bank DBS Indonesia and Bank Danamon.

As previously reported, the company will allocate a total of around $106 million in capital expenditure until 2013 for all its projects.

The company will use the remaining 40 percent, or Rp 359 billion, for working capital as well as for increasing its ownership stakes in its subsidiaries, and pay compensation for coal contract restructuring with Noble.

During the first half of 2011, Atlas booked Rp 303.5 billion in revenue with an operating profit of Rp 16.695 billion. (rcf)