Amman Mineral makes firm debut in Indonesia's biggest IPO this year
Sunday, 9 July 2023
JAKARTA/SINGAPORE, July 8 (Reuters): Amman Mineral Internasional ended 3.5 per cent higher in its stock market debut on Friday after the country's second-largest copper and gold producer raised 10.73 trillion rupiah ($713.43 million) in Indonesia's biggest initial public offering (IPO) this year.
Amman Mineral's stock opened at 1,745 rupiah, 2.9 per cent higher than its IPO price of 1,695 rupiah a share, on the Indonesia stock exchange.
It dropped as low as 1,700 rupiah, then climbed as high as 1,820 rupiah before settling at 1,755 rupiah. The local benchmark stock index (.JKSE) ended 0.6 per cent lower.
The Jakarta-based company's IPO was the biggest since the $1.1 billion listing of tech firm GoTo in April 2022.
Amman Mineral, the country's second-biggest copper and gold producer after Freeport Indonesia, plans to use the proceeds to repay debt and fund several projects, including a $980 million copper smelter it aims to complete in May 2024.
Amman Minerals CEO Alexander Ramlie said on Friday the company's business prospects were solid because of rising copper demand and the metal's importance in the global transition to renewable energy