PT Amman Mineral Internasional, the owner of the second-largest gold and copper mine in Indonesia, is set to debut in Jakarta following the country’s largest initial public offering this year.

Shares are set to begin trading at 9 a.m. local time Wednesday. They were sold at 1,695 rupiah each in an IPO that raised 10.7 trillion rupiah ($711 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. IPOs in Jakarta have raised $2.2 billion since the start of the year, already overtaking the tally for all of last year and surpassing activity in Hong Kong, traditionally Asia’s main hub for listings. Amman Mineral is the biggest newcomer to the country’s exchange since e-commerce platform GoTo Group in April 2022.

Only seven companies listed in Indonesia after raising more than $500 million over the past five 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. The company posted net income of $1.09 billion in 2022, more than a threefold increase from the previous year’s figure.

Since the company has delivered strong earnings growth “there should be upside upon listing,” Ethan Aw, an analyst at Aequitas Research, wrote in a report before Amman Mineral’s debut.

Proceeds 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.