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.

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.

Amman Mineral’s post-listing performance has been driven by low valuations at the time of its debut and expectations that it will be included in the LQ45 Index of the most liquid stocks traded on the Jakarta Stock Exchange, according to Andre Benas, head of research at BCA Sekuritas.

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.

Amman Mineral posted net income of $1.1 billion in 2022, a more than threefold increase from the previous year’s figure. Arief Budiman, head of research at Ciptadana Sekuritas, expects 2023 to be another strong year, though the outlook beyond that is less certain.

“Amman’s earnings will peak this year but start to decline next year as production is expected to fall,” he said.