An Indonesian miner has been the world’s best-performing large initial public offering this year, as analysts tout its appealing valuation, earnings prospects and potential inclusion in a key local index. Shares of PT Amman Mineral Internasional, which owns the second-largest gold and copper mine in the Southeast Asian country, are up 153% since their debut on July 7. That’s the biggest gain among 32 IPOs that raised at least $500-million so far globally in 2023, according to data compiled by Bloomberg.
An Indonesian miner has been the world’s best-performing large initial public offering this year, as analysts tout its appealing valuation, earnings prospects and potential inclusion in a key local index.
The performance stands out against industry peers worldwide, with mining stocks buffeted by rising global inflation and interest rates as well as China’s slumping economy. The Bloomberg World Mining Index is down 7% this year. The company’s $700-million new share offering has been the largest in what’s been a busy year for debuts in Indonesia, where proceeds raised have more than doubled versus the same period in 2022. It’s also been the biggest in Asia outside mainland China this year, according to data compiled by Bloomberg.
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