NAME: Amman Mineral International’s $881 million IPO on the Indonesia Stock Exchange
LAW FIRM: Hiswara Bunjamin & Tandjung
JURISDICTION: Indonesia
PRACTICE AREAS: Capital markets
INDUSTRY SECTORS: Energy and natural resources
Amman Mineral International’s $881 million IPO on the Indonesia Stock Exchange is our deal of the month for June.
Hiswara Bunjamin & Tandjung has advised Amman Mineral International (AMMAN), the second largest copper and gold mining company in Indonesia, on its $881 million initial public offiering (IPO) on the Indonesia Stock Exchange. The listing is scheduled to take place between 28 June and 3 July, and will be the largest IPO in Southeast Asia so far this year.
According to its prospectus, AMMAN plans to use the IPO’s proceeds for working capital, debt payments and to fund several projects, including the completion of a copper smelter on Sumbawa Island. The Indonesian government has exempted AMMAN from its June ban on raw mineral exports until May 2024 for the company to complete its smelter project.
AMMAN’s IPO characterises the popularity of Indonesia’s growing ECM market, with both foreign and domestic investors attracted to listings from the mining and renewable energy sectors.
The team from Hiswara Bunjamin & Tandjung was led by partner Viska Kharisma, who is recognised as an asialaw capital markets Rising Star.