Jakarta - PT Prima Andalan Mandiri Tbk (MCOL) has become the 32nd listed company on the Indonesia Stock Exchange (IDX).

The coal issuer has conducted an Initial Product Offering (IPO) by issuing 355,560,000 new shares at Rp1,420 per share on September 1-3 last. From the results of the share offering, which is 10% of the total issued and fully paid capital, the company received funds amounting to Rp504.89 billion.

President Director of Prima Andalan Mandiri, Handy Glivirgo, said that the pillars of the company's business support are in the synergy between the three subsidiaries.

"The subsidiaries complement each other's coal supply chain from upstream to downstream," he said in a written statement, Tuesday (7/9).

In this Initial Public Offering, the company appointed PT Buana Capital Sekuritas as the Managing Underwriter.

The company will use the fresh funds from the IPO to purchase heavy equipment of around Rp441 bi