JAKARTA, May 31 (Reuters) – Indonesian copper miner Amman Mineral Internasional wants up to 12.94 trillion rupiah ($880.6 million) in a deal scheduled for June 28-July 3, according to the company’s prospectus released on Wednesday raise IPO.
The book build is set to begin on Wednesday with an offer price of between 1,650 and 1,775 rupiah per share.
Amman Mineral will use the proceeds from the IPO to pay off some of its debt and to fund several projects, including the completion of a copper smelter the company is building on the island of Sumbawa, the company’s prospectus said.
The smelter, which has an input capacity of 900,000 tons of copper concentrate to produce 220,000 tons of copper cathode annually, will cost the company a total of US$983 million, company and government data showed.
The Indonesian government exempted Amman from a raw minerals export ban planned in June in April-May 2024 to provide the company with a revenue stream to complete the smelting project, which was half-completed in January.
A unit of Amman Mineral, part of Indonesian energy company Medco Energi Internasional (MEDC.JK), operates the Batu Hijau mine in West Nusa Tenggara province.
Amman Mineral Internasional acquired the Batu Hijau mine in 2016 from US mining company Newmont Mining Corp and Japan’s Sumitomo Corp and its partners.
According to Refinitiv data, Indonesia’s IPO market raised $1.58 billion as of April this year, ranking second in Asia-Pacific (excluding Japan) after China and ahead of traditional powerhouse Hong Kong.
($1 = 14,695.0000 rupiah)
Reporting by Fransiska Nagoy, Bernadette Christina and Ananda Teresia; Edited by Tom Hogue, Kanupriya Kapoor
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