Amman Mineral to Reap Rp 10.7 Tln from IPO

By Editorial Team 04/07/2023
initial public offering
Summary

PT Amman Mineral Internasional Tbk (AMMN) announced its plans to go public with an initial public offering (IPO) at a price of Rp 1,695 per share, so the total amount of the proceed to reach Rp 10.73 trillion (US$713 million).

The IPO will involve the trading of 6.3 billion shares, equivalent to 8.8 percent of the company's overall shares.

The offering will take place from Jul 3-5. 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 IPO. Amman Mineral plans to allocate Rp 3 trillion from the IPO proceeds to repay a debt owed to another subsidiary, Amman Mineral Nusa Tenggara (AMNT), as stated in the company prospectus.

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