Boy Thohir recounts how he built Adaro and created wealth

JAKARTA — Businessman Garibaldi Thohir, known as Boy Thohir, has shared the story of how he built up Adaro. He said that one or two major opportunities in a person’s life can change their course.

“You only need to hit the jackpot once or twice in your lifetime,” Boy said, as quoted on Sunday (18 October 2026).

Boy also recounted a conversation with a friend about someone who managed to recover after reaching a low point. He believes the chance to rise again is inseparable from God’s help.

On the occasion, Boy discussed his business journey, including Rp10 billion in capital, which he cited in the context of developing the business, the transaction to acquire Adaro and its initial public offering (IPO).

“If you use a geometric-series calculator, you can’t work out the capital from Rp10 billion: we had an IPO, bought Adaro, then took it public again. Everything was very transparent, but what was the accumulated wealth?” Boy said.

Boy’s efforts to build up Adaro included the acquisition of shares in PT Adaro Indonesia in 2005. PT Alam Tri Abadi, a company established with Benny Subianto, bought a 49 per cent stake in Adaro Indonesia from New Hope Corporation and MEC Indocoal. The transaction was reported to be worth US$378 million.

In 2008, Adaro Energy was listed on the Indonesia Stock Exchange. The company offered about 11.14 billion shares at Rp1,100 each, raising approximately Rp12.25 trillion.

Boy has previously explained that Adaro was acquired through a leveraged buyout (LBO), a transaction in which debt financing is used to purchase a company. The IPO was one way to raise funds from the public and reduce the debt burden.

Boy said the experience was a lesson he wanted to share with younger generations. He urged them to live well and properly, and to go through each stage of the process.

“Just live your lives well and properly. Follow the process,” Boy said.

He also emphasised his belief that God gives everyone opportunities. “Believe me, remember, in life, God is also just,” he said. Boy added that people need to make the most of opportunities when they arise.