Jakarta. Copper and gold miner Amman Mineral Internasional on Friday made its debut at the Indonesian Stock Exchange with the ticker symbol AMMN by raising Rp 10.73 trillion ($708.4 million), making it Indonesia’s largest initial public offering (IPO) this year.

The company issued 6.32 billion shares priced at Rp 1,695 each during the IPO. Amman Mineral Internasional president director Alexander Ramlie said that the copper mining business would witness a positive trend amidst the rising demand for the mineral globally.

“It is in line with the growth of industrial, renewable, and electric vehicles [EVs]. AMMN sees the market dynamics as an opportunity to strengthen the company’s position as one of the world’s largest copper producers,”  Alexander said at the Indonesian Stock Exchange in Jakarta on Friday.

AMMN will inject Rp 1.79 trillion of the proceeds into its subsidiary Amman Mineral Industri (AMIN) for the smelter and precious metal refinery in West Sumbawa, West Nusa Tenggara. AMMN will also use Rp 3.05 trillion to repay debts owed to another subsidiary Amman Mineral Nusa Tenggara (AMNT). The company will use the remaining funds to expand the concentrator plant as well as its gas and steam power plants in West Sumbawa.

AMMN reported that its net sales had grown 117.9 percent from $1.3 billion in 2021 to $2.8 billion the following year. The company attributed the growth to the increase in sales volume for copper and gold throughout 2022. AMMN’s profit also soared 242.7 percent from $321 million in 2021 to $1.1 billion as of end-2022.

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