(Bloomberg) -- Shares of coal miner PT Adaro Andalan Indonesia jumped in their first day of trading, in a show of demand for Indonesia’s largest initial public offering in about a year and a half. 

The Jakarta-based company’s stock gained as much as 20% to 6,650 rupiah, versus its IPO price of 5,550 rupiah apiece, in early trading Thursday. The final valuation of the offering will depend on its trading performance throughout the session.

The firm holds the thermal coal assets of PT Alamtri Resources Indonesia — formerly known as PT Adaro Energy Indonesia — which said in September it was separating them to access more sources of financing. Alamtri is one of several Indonesian miners diversifying away from the fossil fuel through investments in metals like nickel, gold and aluminum.

Indonesia’s IPO market has sagged this year amid the country’s presidential leadership transition. First-time share sales including Adaro have raised about $645 million, a far cry from the $3.6 billion raised in all of 2023, according to data compiled by Bloomberg. Adaro Andalan’s IPO is the largest since the listing of gold and copper miner PT Amman Mineral Internasional in July 2023. 

The Indonesia Stock Exchange is eyeing 66 IPOs in 2025, IDX President Director Iman Rachman said in an interview last month. More companies are expected to list after uncertainty over the change to new President Prabowo Subianto’s government abates, he said.

The Indonesian sister company of Mr DIY Group (M) Bhd. plans to raise as much as 4.7 trillion rupiah through a listing later this month.

Adaro Andalan recorded a comprehensive profit of $911.2 million for the first half of 2024, according to its prospectus. Its parent company paid a dividend of $2.63 billion last month to encourage shareholders to participate in the listing.

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