Gold miner set to trade, marking Indonesia's biggest IPO this year
PT Amman Mineral Internasional, the owner of the second-largest gold and copper mine in Indonesia, is set to debut in Jakarta following the country’s largest initial public offering this year.
Shares are set to begin trading at 9 a.m. local time Wednesday. They were sold at 1 695 rupiah each in an IPO that raised 10.7-trillion rupiah ($711-million). It was the largest new share sale in Asia this year outside mainland China, according to data compiled by Bloomberg.
The offering marks an extension of what’s been a busy year for debuts in Southeast Asia’s largest equity market. IPOs in Jakarta have raised $2.2-billion since the start of the year, already overtaking the tally for all of last year and surpassing activity in Hong Kong, traditionally Asia’s main hub for listings. Amman Mineral is the biggest newcomer to the country’s exchange since e-commerce platform GoTo Group in April 2022.
Only seven companies listed in Indonesia after raising more than $500 million over the past five years, according to data compiled by Bloomberg. They rose by an average 7% in their first trading day, the data show.
Amman Mineral owns the fifth-largest copper mine in the world as of the end of 2020, according to data by Wood Mackenzie in the offering’s prospectus. The company posted net income of $1.09-billion in 2022, more than a threefold increase from the previous year’s figure.
Since the company has delivered strong earnings growth “there should be upside upon listing,” Ethan Aw, an analyst at Aequitas Research, wrote in a report before Amman Mineral’s debut.
Proceeds will be used for working capital, debt repayment and to fund refinery projects in West Nusa Tenggara province. The underwriters were BNI Sekuritas, CLSA Sekuritas Indonesia, DBS Vickers Sekuritas Indonesia and Mandiri Sekuritas.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
