PT Amman Mineral Internasional, the owner of the second-largest gold and copper mine in Indonesia, advanced as much as 3.2% in Jakarta following the country’s largest initial public offering this year.

Shares traded as high as 1,750 rupiah in Jakarta. They were sold at 1,695 rupiah each in an IPO that raised 10.7 trillion rupiah ($710 million). It was the largest new share sale in Asia this year outside mainland China, according to data compiled by Bloomberg.

The offering marks an extension of what’s been a busy year for debuts in Southeast Asia’s largest equity market, where proceeds raised by new share sales more than doubled versus the same period last year. That contrasts to a sharp slump in most traditional IPO venues globally. Amman Mineral is the biggest newcomer to the country’s bourse since e-commerce platform GoTo Group in April 2022.

Prior to Friday, only seven companies listed in Indonesia after raising more than $500 million over the past 10 years, according to data compiled by Bloomberg. They rose by an average 7% in their first trading day, the data show.

Amman Mineral owns the fifth-largest copper mine in the world as of the end of 2020, according to data by Wood Mackenzie in the offering’s prospectus. Proceeds from the share sale will be used for working capital, debt repayment and to fund refinery projects in West Nusa Tenggara province.

The underwriters were BNI Sekuritas, CLSA Sekuritas Indonesia, DBS Vickers Sekuritas Indonesia and Mandiri Sekuritas.

--With assistance from Norman Harsono.