Toba Bara Sejahtera is looking to raise about $400 million through an initial public offering, Reuters reports. Former industry minister and army general Luhut Panjaitan will be controlling the offering by the Indonesian thermal coal miner. Morgan Stanley, Citigroup, CLSA Asia-Pacific Market and local brokerage Mandiri Sekuritas will be underwriters for the offering. The IPO will take place late this year or early next year.

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