Adaro Energy, the holding company for Indonesia’s second-largest coal miner, on Thursday increased its planned public offering to Rp12,000bn ($1.3bn), which stands to make it the largest IPO in the country’s history.

Adaro is 36 per cent owned by a group of investors including Goldman Sachs, Citigroup, Farallon Capital, the Government of Singapore Investment Corporation and the Kuok Group. Teddy Rachmat, an Indonesian businessman, and Saratoga Capital, each control 32 per cent.