Amman Mineral Opens Higher on Debut in Indonesia's Biggest IPO This Year

INITIAL PUBLIC OFFERING (IPO) - JAKARTA. Amman Mineral Internasional opened higher in its stock market debut on Friday after the country's second-largest gold-and-copper miner 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, almost 3% higher than its IPO price of 1,695 rupiah a share, on the Indonesia stock exchange.

Amman Mineral's IPO was the biggest in Indonesia in more than one year after the $1.1 billion listing of tech firm GoTo GOTO.JK in April last year.

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The company is the country's second-biggest copper and gold miner after Freeport Indonesia.

"Business prospect of copper and gold is very good because copper demand in the world continues to increase," Alexander Ramlie, Amman Mineral's President Director and CEO, said on Friday at the IPO ceremony in Jakarta.

"Copper is a very important commodity for global transition into renewable energy," he added.