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Amman weighs USD 600mn IPO: Bloomberg
Posted on Wednesday, 10 April 2019 13:56
Indonesia’s second-largest copper and gold mine Amman Mineral Nusa Tenggara is considering a USD 600.00 million initial public offering (IPO) for later this year, Bloomberg reported.
People familiar with the deal told the news provider that a number of advisors have been hired to assist in the potential listing in Jakarta that could take place as soon as Q4 2019.
Amman, according to Bloomberg, is joining other prospective companies looking to go public in Southeast Asia’s largest economy this year, including flight carrier Lion Air, pharmaceuticals maker Soho Global Health and Bank DKI.
The airline has been working on a USD 1.00 billion IPO for months, the news provider noted, adding either this deal or the flotation of the miner would significantly boost the value of first-time stock sales in Indonesia this year.
Sources close to the situation said no final decision has been made and details such as the size and timing of the potential listing could change at any time.
Amman operates the Batu Hijau mine and owns several other promising prospects of copper and gold locations in West Sumbawa Regency and West Nusa Tenggara Province.
Founded in 2000, it has produced around 3.60 billion tonnes of copper and 8.00 million ounces of gold, with a large fleet of mining equipment, a processing plant with a capacity of 120,000 tonnes per day, a 112.00 MW coal-fired power plant, a port with a ferry terminal and an established townsite.
Amman Mineral Internasional holds an 82.2 per cent stake in the business, while Pukafu Indah controls 17.8 per cent.
Zephyr, the M&A database published by Bureau van Dijk, shows there have been 8 IPOs of Indonesian targets announced since the start of 2019.
Property developer Pollux Investasi Internasional raised IDR 657.44 billion (USD 46.45 million) in its January debut in the largest of these so far.
Hotel and resort operator Nusantara Properti Internasional, bridge construction group Meta Epsi and cattle breading and beef processing business Estika Tata Tiara, among others, have also announced or completed stock market flotations in the year to date.
© Zephus Ltd