(Bloomberg) -- PT Amman Mineral Internasional, which owns the second-largest gold and copper mine in Indonesia, plans to raise up to 12.9 trillion rupiah ($860 million) in what would be the country’s largest initial public offering so far this year. 

The company will offer 7.29 billion shares at 1,650 to 1,775 rupiah each, with a listing on the Jakarta stock exchange scheduled for July 5, according to a prospectus published on Wednesday.

The offering reinforces Indonesia as one of the busiest spots for IPOs this year, with proceeds raised up 67% since the start of January versus the same period in 2022. That’s a contrast to a sharp slump seen in traditional listing venues like New York and Hong Kong. Recent listings from the renewable energy sector and those related to the electric vehicle supply chain have lured both domestic and foreign investors.     

“The IPO would appeal to foreign investors as it provides them access to one of the largest copper miners in the world with one of the lowest production costs globally,” said Mohit Mirpuri, a senior partner at SGMC Capital in Singapore. “Amman ticks all the boxes being a fully integrated copper mine with a strong operational track record, maintaining one of the lowest costs of production, with favorable industry dynamics.”

Only four listings in Asia raised more than $800 million this year — all of them from mainland China. Amman Mineral’s offering would surpass PT Trimegah Bangun Persada, known as Harita Nickel, as Indonesia’s biggest IPO in 2023 after the latter raised 10 trillion rupiah in April. It’s also poised to be the country’s largest debut since PT GoTo Gojek Tokopedia in April 2022.    

Shares of PT Medco Energi Internasional, Amman Mineral’s second largest shareholder, rose as much as 4.3% in Jakarta, before paring gains to 1.1% as of 11:42 a.m. local time. Proceeds from the offering will be used for working capital, debt repayment and to fund refinery projects in West Nusa Tenggara province, according to the prospectus. 


The underwriters are BNI Sekuritas, CLSA Sekuritas Indonesia, DBS Vickers Sekuritas Indonesia and Mandiri Sekuritas. 

--With assistance from Norman Harsono and Eko Listiyorini.

(Updates with Medco Energi Internasional shares in seventh paragraph and details throughout)

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