(Bloomberg) - PT Amman Mineral Internasional, owner of Indonesia's second-largest gold and copper mine, will debut in Jakarta this week after the country's biggest IPO.
Trading will begin on Friday. They were sold for 1,695 rupees each in the IPO, which raised 10.7 trillion rupees ($711 million). The biggest selloff in Asian stocks this year has been outside of China, according to data compiled by Bloomberg.
The offerings continue what has been a busy year for newbies on Southeast Asia's biggest stock market. IPOs in Jakarta have raised $2.2 billion year-to-date, surpassing all of last year and outpacing activity in Hong Kong, traditionally the main hub for Asian listings. Amman Mineral is the largest new exchange on the country's GoTo Group e-commerce platform in April 2022.
Seven listed Indonesian companies have raised more than $500 million in the past five years, according to data compiled by Bloomberg. They rose an average of 7% on their first day of trading, according to the data.
Amman Mineral has the fifth-largest copper mine in the world at the end of 2020, according to data from Wood Mackenzie in an offering prospectus. The company is expected to generate $1.09 billion in 2022, more than triple the previous year's figure.
With the company seeing strong revenue growth, "there should be a price advantage," Aequitas Research analyst Ethan Au wrote in a note ahead of Amman Mineral's debut.
The proceeds will be used to repay working capital, repay debt and fund refinery projects in West Nusa Tenggara province. The underwriters were BNI Sekuritas, CLSA Sekuritas Indonesia, DBS Vickers Sekuritas Indonesia and Mandiri Sekuritas.
--With help from Norman Harson.
(The second paragraph concerns the day of the premiere)
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