E-commerce platform GoTo Group listed on the Indonesian stock exchange in April 2022. Photo: AFP
Amman Mineral Internasional, the owner of the second-largest gold and copper mine in Indonesia, is set to debut in Jakarta this week following the country’s largest initial public offering this year.
Shares are set to begin trading on Friday. They were sold at 1,695 rupiah each in an IPO that raised 10.7 trillion rupiah (US$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 has been a busy year for debuts in Southeast Asia’s largest equity market. IPOs in Jakarta have raised US$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 US$500 million over the past five years, according to data compiled by Bloomberg. They rose by an average 7 per cent on their first trading day, the data shows.