Wed Aug 24, 2011
JAKARTA Aug 24 (Reuters) - Toba Bara Sejahtera, an Indonesian coal miner, plans to raise around $400 million via an initial public offering late this year or early in 2012 to tap investor demand in the world's biggest thermal coal exporting nation, four sources told Reuters on Wednesday.
The offering by the miner, controlled by Luhut Panjaitan who is a former government industry minister and a former army general, would be the third planned by Indonesian coal firms this year.
"The firm is working with its advisors to prepare the IPO and is looking to launch it by the end of the year or early next year," said one of the sources with direct knowledge of the deal, who declined to be identified because the details were not public.
Another source said the firm, which produced around 6 million tonnes of coal in 2010 from mines in Kalimantan and is looking to increase output to 9 million tonnes this year, is looking at a market valuation of up to $2 billion.
Toba Sejahtera has appointed Morgan Stanley , Citigroup , CLSA Asia-Pacific Market, and local brokerage Mandiri Sekuritas as its underwriters, the sources said.
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