Bayan Resources on Wednesday highlighted the interest investors are taking in Indonesia, the world’s largest thermal coal exporter, when it announced plans to raise up to $695m by floating 25 per cent of its shares on the country’s stock exchange next month.

With countries including China looking for alternatives to oil, global demand for Indonesia’s largely low-grade thermal coal, used mostly in power stations, is surging, helped by the fact that suppliers, including Australia and South Africa, can no longer meet demand.