Jakarta - PT Black Diamond Resources Tbk (COAL) targets to raise funds from the initial public offering (IPO) plan to reach Rp227.5 billion.

Based on the prospectus released Monday (8/15), the company will issue 1.75 billion shares, or 25.93% of the issued and fully paid capital after the IPO, with a price range of Rp100-130 per share.

The company, which is engaged in coal mining, will use the proceeds from the IPO of around Rp40 billion to be distributed to business entities, and the rest will be spent on subsidiaries and working capital.

The company entrusts PT Surya Fajar Sekuritas Indonesia as the underwriter for the issuance.

The estimated IPO schedule is the initial offering period of August 12–22, 2022, effective August 29, effective August 29, 2022, the IPO offering period of August 31–September 5, 2022, allotment of September 5, 2022, electronic distribution of shares on September 6, 2022, and listing on the IDX on Septemb