Copper miner Amman Mineral raised $715 million in Indonesia’s biggest IPO this year – sources

SINGAPORE : Indonesian copper miner Amman Mineral Internasional raised 10.73 trillion rupiah ($715.81 million) in the country’s biggest initial public offering (IPO) this year, according to a source with direct knowledge of the matter.

The Jakarta-headquartered company sold 6.33 billion shares at a price of 1,695 rupiah each, the source said, declining to be named as the matter is private.

Amman Mineral’s IPO prospectus launched last month showed IPO price was to be offered at a range of 1,650 rupiah to 1,775 rupiah during book building.

Bloomberg first reported on the IPO fund raised on Monday. Amman Mineral did not immediately respond to request for comment on Monday.

At $714 million, Amman Mineral IPO would also be the biggest in Southeast Asia this year, according to Refinitiv data, surpassing the listing of Indonesian nickel producer Trimegah Bangun Persada, known as Harita Nickel, that raised 10 trillion rupiah in April.

Indonesia’s IPO market is one of the world’s hottest this year. First-time share sales have raised $1.64 billion as of June, second only to China in the Asia-Pacific region excluding Japan and ahead of traditional powerhouse Hong Kong, according to Refinitiv data.

Amman Mineral planned to use the IPO proceeds to pay off some debt and fund several projects, including completing a copper smelter it is building in Sumbawa island, it said in its prospectus in May. Shares are due to debut on the local stock exchange on July 5.

($1 = 14,990.0000 rupiah)



Source: Reuters