Jakarta. Copper miner Amman Mineral Internasional announced Monday its plans to go public with an initial public offering (IPO) at a price of Rp 1,695 per share. The IPO will involve the trading of 6.3 billion shares, equivalent to 8.8 percent of the company's overall shares.

Scheduled to take place from July 3-5, the IPO is expected to generate fresh funds amounting to Rp 10.72 trillion ($713 million). Part of this capital will be used to inject funds into Amman Mineral Industri (AMIN), a subsidiary of Amman Mineral Internasional.

AMIN requires funding to construct a smelter in West Sumbawa and is set to receive Rp 1.78 trillion from the parent company after the IPO.

Additionally, Amman Mineral plans to allocate Rp 3 trillion from the IPO proceeds to repay debts owed to another subsidiary, Amman Mineral Nusa Tenggara (AMNT), as stated in a public filing.

Alongside the IPO, Amman will introduce a management stock option plan, which will be capped at 602.3 million shares.

Currently, Amman Mineral's major shareholders include Sumber Gemilang Persada (35.58 percent), Medco Energi Internasional (23.13 percent), AP Investment (17.08 percent), Alpha Investasi Mandiri (7.86 percent), Pesona Sukses Cemerlang (7.21 percent), Sumber Mineral Citra Nusantara (5.12 percent), and Medco Services Indonesia (4.02 percent).

The IPO will get Amman Mineral Internasional listed on the Indonesia Stock Exchange on July 7.