Indonesian Copper Mine To Raise IDR 12T Via IPO

Amman Mineral Internasional, an Indonesian copper miner, plans to raise up to 12.94 trillion rupiah ($880.6 million) in an initial public offering scheduled for June 28 to July 3, according to the prospectus released on Wednesday.

Book building is set to begin on Wednesday, with an offering price of 1,650 to 1,775 rupiah per share.

According to the company prospectus, the IPO proceeds will be used to repay PT Amman Mineral Nusa Tenggara's outstanding loans, as well as for capital expenditures such as funding smelter projects.

According to Refinitiv data, Indonesia's IPO market raised $1.58 billion in April this year, ranking second only to China in the Asia-Pacific region excluding Japan and ahead of traditional powerhouse Hong Kong.