Milbank LLP advised PT Amman Mineral Internasional Tbk (“Amman Mineral”) in connection with its 10.73 trillion Rupiah (US$713.43 million) initial public offering on the Indonesia Stock Exchange. This transaction is Indonesia’s biggest IPO to date in 2023.
Amman Mineral is the second-largest copper and gold producer in Indonesia, Southeast Asia’s largest economy and one of the world’s most active IPO markets in 2023. The company plans to use the proceeds to repay debt and fund several large projects.
“Amman Mineral’s IPO is an indicator of the strong demand for minerals linked to the global transition to renewable energy, as it is used in electric vehicles as well as solar and wind power systems. Milbank is very pleased to have been involved initially with the acquisition of the mine assets at Batu Hijau and Elang and now to have assisted the company in its very successful initial public offering,” said Milbank’s Giles Kennedy, lead partner of this significant transaction. “We look forward to the company’s continued growth and development.”
Mr. Kennedy and David Zemans, Managing Partner of Milbank’s Asia practice, led the Singapore-based Milbank team, which also included partner Terry O’Donnell and associates Andre Seah and Abril Kang.
