Jakarta. The initial public offering (IPO) of copper miner Amman Mineral Internasional (AMMN) was oversubscribed by 13.6 times in its pooling allotment portion, lead underwriter Mandiri Sekuritas announced on Thursday.

The high demand from investors in the pooling allotment led the underwriters to increase the maximum quota for retail investors from 2.5 percent to 7.5 percent.

"We saw an oversubscription of 13.6 times involving more than 27,000 investors in the pooling allotment, indicating significant demand," said Oki Ramadhana, CEO of Mandiri Sekuritas.

As a result of the oversubscription, the pooling size was increased from 2.5 percent to 7.5 percent of the overall new issue of stocks in AMMN's IPO.

The IPO took place from July 3 to July 5, and Amman Mineral is scheduled to be listed on the Indonesia Stock Exchange on Friday.

During the three-day IPO, Amman raised Rp 10.73 trillion ($712.5 million) in fresh capital by selling 8.8 percent of its shares, equivalent to 6.3 million shares, at a price of Rp 1,695 per share.

Mandiri Sekuritas, BNI Sekuritas, CLSA Sekuritas Indonesia, and DBS Vickers Indonesia have been appointed as underwriters for the IPO.

"We are grateful for the support from all investors, both institutional and retail, during the bookbuilding period and the concluded IPO," said Alexander Ramlie, CEO of Amman Mineral. "The IPO is one of our strategic steps to develop sustainable businesses at AMMN during this energy transition era, which will boost demand for copper in the future."

The proceeds from the IPO will be used to inject capital into subsidiary Amman Mineral Industri. Additionally, a portion of the proceeds, amounting to Rp 1.79 trillion, will be allocated for the construction of a major smelter in West Sumbawa, West Nusa Tenggara.