Indonesian copper miner Amman Mineral international said in its prospectus on Wednesday it plans to raise up to 12.94 trillion rupiah (US $880.6 million) from a listing between June 28 and July 3.
The listing would be the largest first public offering in Southeast Asia this year, surpassing the 10 trillion rupiah IPO by Indonesian nickel producer Trimegah banun Persada, also known as Harita nickel, in April, according to Refinitiv data.
Indonesia's IPO market has been one of the hottest in the world this year. As of April, initial share offerings had raised $1.58 billion, second only to China in the Asia-Pacific region excluding Japan and ahead of traditional Hong Kong, according to Refinitiv.
Amman Mining's IPO announcement came a day after agri-food giant Olam Group said it did not expect the dual listing of its agricultural subsidiary Olam Agri in Singapore and Saudi Arabia to close as planned in the first half of this year, citing a failure to obtain "all necessary regulatory approvals".
Bookkeeping will begin on Wednesday, according to Amman Mining's prospectus, at a price of between Rp1,650 and RP1,775 per share.
The Jakarta-based company said in its prospectus that it would use the proceeds of the IPO to pay down some of its debt and fund several projects, including the completion of a copper smelter being built on Sumbawa island.
The smelter has an input capacity of 900,000 tons of copper concentrate and can produce 220,000 tons of cathode copper per year. The smelter will cost $983 million, according to company and zheng government data.
Indonesia's zheng government in April exempted Amman from an export jin order for raw ore until May 2024, providing the company with a source of revenue to complete the smelter project, which was half completed as of January.
A subsidiary of Amman Mineral, a unit of Indonesian energy group Medco energy international, operates the Batu Hijau mine in West Nusa Tenggara province.
Amman Mining International bought the Batu Hijau mine in 2016 from U.S. mining company Newmont Mining Corp and Japan's Sumitomo Corporation and their partners.
Amman Mineral's strong debut on July 5 could boost investor confidence in Indonesia's upcoming ipos this year.
They include Pertamina Hulu Energi, the upstream arm of Pertamina, which could raise at least 20 trillion Indonesian rupiah, and Pupuk Kalimantan Timur, a state-owned fertiliser company, which could raise US $500 million.
