# Amman Mineral makes firm debut in Indonesia’s biggest IPO this year Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2023-07-07 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: Amman Mineral shines in Indonesia's top IPO of the year Meta Description: Amman Mineral Internasional's successful stock market debut, raising $713.43 million in the country's largest IPO, points to a promising future amid URL: https://financedigest.com/amman-mineral-makes-firm-debut-in-indonesias-biggest-ipo-this-yearhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2023-07-07t021940z2lynxmpej6602hrtroptp4health-coronavirus-global-financial-1736813782624-compressed.jpg) # Amman Mineral makes firm debut in Indonesia’s biggest IPO this year By Bernadette Christina, Fransiska Nangoy and Yantoultra Ngui JAKARTA/SINGAPORE (Reuters) -Amman Mineral Internasional ended 3.5% higher in its stock market debut on Friday after the country’s second-largest copper and gold producer raised 10.73 trillion rupiah ($713.43 million) in Indonesia’s biggest initial public offering (IPO) this year. Amman Mineral’s stock opened at 1,745 rupiah, 2.9% higher than its IPO price of 1,695 rupiah a share, on the Indonesia stock exchange. It dropped as low as 1,700 rupiah, then climbed as high as 1,820 rupiah before settling at 1,755 rupiah. The local benchmark [stock index ended 0.6% lower](https://www.financedigest.com/miners-drag-london-stocks-lower-unite-group-slips.html "Miners drag London stocks lower; Unite Group slips"). The Jakarta-based company’s [IPO was the biggest](https://www.financedigest.com/apple-makes-history-as-first-3-trillion-company-amid-tech-stock-surge.html "Apple makes history as first trillion company amid tech stock surge") since the $1.1 billion listing of tech firm GoTo in April 2022. Amman Mineral, the country’s second-biggest copper and [gold producer](https://www.financedigest.com/kinesis-partners-with-valaurum-to-produce-circulating-physical-gold-bills.html "Kinesis partners with Valaurum to produce circulating physical gold bills") after Freeport Indonesia, plans to use the proceeds to repay debt and fund several projects, including a $980 million copper smelter it aims to complete in May 2024. Amman Minerals CEO Alexander Ramlie [said on Friday the company’s business](https://www.financedigest.com/naturgys-profit-rises-on-lng-gains-soothing-shareholders-by-pietro-lombardi-madrid-reuters-spanish-power-utility-naturgy-reported-on-monday-an-88-jump-in-profit-for-the-first-six-months-of.html "Naturgy’s profit rises on LNG gains, soothing shareholders By Pietro Lombardi MADRID (Reuters) – Spanish power utility Naturgy reported on Monday an 88% jump in profit for the first six months of the year, boosted by strong earnings at its liquefied natural gas (LNG) business, which could help it to win over restive investors. Earlier this month, the company said it would increase its dividend floor through 2025 while trimming expected investment, as it sought to make rewarding shareholders a priority. Pleasing them has become a focus as Naturgy considers changes that could reshape the company and after arguments over the potential appointment of a chief executive. Naturgy’s first-half net profit jumped to 1.05 billion euros (.16 billion), boosted by its liquefied natural gas (LNG) business. Shares were down 0.2% in mid-morning trading, bucking deeper declines, in particular for Spain’s blue-chip banks and utilities after a general election on Sunday produced no clear winner. Renta 4 Banco analyst Angel Perez Llamazares said Naturgy performed better than expected, adding “cash flows also beat our expectation,” and debt fell more than expected. After natural gas prices hit record levels last year, Naturgy said a fall in procurement costs this year and hedging gains had boosed profits. In the first half of the year, the company “exceeded the objectives of operating efficiency, cash generation, investment materialisation and debt reduction,” Executive Chairman and CEO Francisco Reynes said. After rival Iberdrola named a separate CEO last year, Naturgy is the only large energy company in Spain to combine the roles of executive chairman and CEO. Earlier this month, the company raised the dividend floor to 1.40 euros a share, from 1.20 euros. Operating profit (earnings before interest, tax, depreciation and amortisation) is expected to reach 5.1 billion euros, compared with a previous guidance of 4.8 billion euros. It said it was targeting net profit of 1.8 billion euros in 2025. Naturgy also relaunched its plan to split regulated infrastructure operations and liberalised energy businesses into two listed companies. The project had been suspended after the Ukraine war disrupted energy markets and analysts are still sceptical. “We believe it is unlikely that Naturgy will be able to implement its asset split in the short term and it is also unlikely that a big change in the shareholding of the company would occur,” said RBC analyst Fernando Garcia. ( = 0.8986 euros) (Reporting by Pietro Lombardi, editing by Inti Landauro and Barbara Lewis)") prospects were solid because of rising copper demand and the metal’s importance in the global transition to renewable energy. Indonesia, Southeast Asia’s [largest economy](https://www.financedigest.com/bangladesh-moves-up-the-ranks-and-could-become-the-24th-largest-economy-by-2036.html "Bangladesh moves up the ranks and could become the 24th largest economy by 2036"), is stepping up the use of renewable energy. The firm debut by Amman Mineral could also bode well for upcoming listings in Indonesia, one of the [world’s hottest IPO markets](https://www.financedigest.com/world-shares-rally-as-china-offers-markets-a-hand.html "World shares rally as China offers markets a hand") this year, amid a government drive to privatise some state-owned enterprises. First-time share sales in Indonesia have raised $2.2 billion as of June, second only to China in the Asia-Pacific region and ahead of traditional powerhouse [Hong Kong](https://www.financedigest.com/luxury-yacht-owned-by-sanctioned-russian-oligarch-docked-in-hong-kong.html "Luxury yacht owned by sanctioned Russian oligarch docked in Hong Kong"), according to Refinitiv data. Next in the pipeline this month is a $160 million IPO by Indonesia’s largest cinema [chain operator](https://www.financedigest.com/movie-chain-operator-cineworld-files-for-u-s-bankruptcy.html "Movie chain operator Cineworld files for U.S. bankruptcy") Nusantara Sejahtera Raya. Other upcoming [IPOs in Indonesia include the upstream arm](https://www.financedigest.com/analysis-arms-clients-turn-ipo-into-tug-of-war-for-chip-influence.html "Analysis-Arm’s clients turn IPO into tug of war for chip influence") of state energy company Pertamina, Pertamina Hulu Energi, which could raise at least 20 trillion rupiah. State-owned fertiliser company Pupuk Kalimantan Timur and [palm oil](https://www.financedigest.com/watchdogs-new-chief-says-high-prices-can-support-greener-palm-oil.html "Watchdog’s new chief says high prices can support greener palm oil") producer PalmCo could raise $500 million each. (Reporting by Fransiska Nangoy and Bernadette Christina in Jakarta, Yantoultra Ngui in Singapore; Editing by Himani Sarkar, Jamie Freed and Ros Russell) --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---