Shares of Adaro Andalan Indonesia—a coal mining company backed by Indonesian billionaire Garibaldi Thohir—surged 20% on its trading debut on the Jakarta Stock Exchange as demand for IPOs in ...

Last year, revenue dropped by a fifth to $6.5 billion, with thermal coal accounting for 83% of the total. Thohir’s fortune, which he shares with his family, is up 15% to $3.8 billion.

The company, owned by tycoon Garibaldi Thohir’s PT Adaro Energy, will offer as many as 778.7 million shares at between 4,590 rupiah and 5,900 rupiah each, according to a local stock exchange filing.