Geo Energy Resources, the Indonesian coal mining specialist, said its initial public offering (IPO) of 289 million shares at $0.325 per share was nearly two times oversubscribed.
Geo Energy said the IPO was well received with strong demand from institutional and retail investors.
The placement to institutional investors was successfully concluded with the support of four anchor investors comprising of Bull Mountain Capital, Noble Steed Success, Credit Suisse AG Singapore and Mighty Elite Trade, which have been allocated an aggregate of 69 million placement Shares representing 23.9% of the total invitation.
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