Adaro Energy, Indonesia’s second biggest coal miner, is tipped to have a strong market debut, as foreign and local investors scramble to pick up shares in the tightly held stock.

Some 11.14bn Adaro shares, just less than 35 per cent of the company, have been sold for Rp1,100 a piece, raising $1.3bn. But almost 70 per cent of those shares were allocated to five investors already connected to Adaro.