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oal mining company PT Golden Energy Mines received Rp 2.2 trillion (US$243.63 million) from its sale of shares through an initial public offering (IPO) scheme that saw them listed on the Indonesia Stock Exchange (IDX) on Thursday.

Golden Energy Mines, whose bourse ticker is GEMS, sold 15 percent, or 882.35 million, of its equity to the public. Each of the shares was sold at Rp 2,500.

Shares in GEMS closed 9 percent higher at Rp 2,725.

During the listing, Golden Energy Mines’ market capitalization stood at Rp 14.7 trillion.

Golden Energy plans to use funds raised from the IPO as working capital, infrastructure development expenditure and capital goods expenditure.

PT Sinarmas Sekuritas, which served as underwriter for the IPO, reported that infrastructure company GMR Singapore, a part of GMR Infrastructure and a subsidiary of India-based GMR Energy Ltd., purchased about 80 percent of the total shares offered to the public.

Golden Energy Mines president director Lay Krisnan Cahya said that his company would offer more shares amounting to 18 percent ownership to GMR Singapore in a private placement scheme.

“We will carry out the private placement in one or two days, leading to the company [GMR] having a total ownership of 30 percent,” he said.

Krisnan said that GMR would help Golden Energy Mines to improve its infrastructure leading to an increase in coal production.

“For example, we plan to upgrade our harbor. At the moment, the harbor is only able to accommodate five million tons of coal but we will upgrade its capacity to between 14 million tons and 16 million tons,” he said.

Krisnan said that Golden Energy Mines aimed to reach 5 to 6 million tons of coal production by the end of the year.

“At this point, we have achieved about 4 million tons. We expect to produce 8 to 10 million tons in 2012,” he said.

According to information available at its website, Golden Energy Mines currently owns and operates three productive coal projects, these are Borneo Indobara, Kuansing Inti Makmur and Trisula Kencana Sakti.

Those projects comprise eight coal concessions totaling 36,000 hectares in Sumatra as well as South and Central Kalimantan.

Golden Energy Mines exports its coal to China, India and Thailand.

The company booked Rp 1.24 trillion in total revenue in the first half of the year, increasing from Rp 927.22 billion for the same period last year. Net profits stood at Rp 147.75 billion as of June this year, an almost three-fold increase from Rp 36.32 billion year on year.

Golden Energy Mines is a subsidiary of publicly-listed PT Dian Swastatika Sentosa, which itself is a subsidiary of the Sinar Mas Group. (rcf)