World’s best-performing big IPO is about to get an extra boost

15th November 2023

By: Bloomberg


Font size: - +

An Indonesian copper and gold miner that has surged more than fourfold since listing in July is set to keep rising after its inclusion in major emerging market indexes.

PT Amman Mineral Internasional climbed as much as 2.5% to a record high after MSCI announced it will be added to its global standard indexes as of the close on November 30. The addition will trigger passive buying by those tracking gauges including the MSCI Emerging Market index, a popular benchmark for equities investors looking at developing economies.

Amman Mineral’s $715-million IPO was the largest in Southeast Asia’s biggest economy this year, and counted on strong demand by global and domestic funds. The stock’s more than 320% surge since its debut makes it the biggest gainer among 42 offerings globally that raised more than $500-million this year, according to data compiled by Bloomberg.

Index-buying funds will need to acquire about $234-million worth of Amman Mineral’s shares, Brian Freitas, an independent equities analyst who publishes on Smartkarma, wrote in a report. “The inclusion is big, both in terms of flow and impact,” he added.

Amman Mineral has a stand out in one of Asia’s most-active markets for IPOs this year. Jakarta has hosted a slew of mid-to-large size offerings in 2023, with most tied to green energy and the electric vehicle supply chain. Since the start of January, total proceeds from new share sales in Indonesia reached $3.6-billion, a 62% increase from the same period in 2022.

There were 22 Indonesian shares that were part of the MSCI Emerging Markets Index as of the end of October.

As well as its addition to the MSCI index later this month, Amman Mineral could also become part of indexes compiled by FTSE Russell. The decision by FTSE will be made public after markets close in the US at the end of this week, with implementation expected for mid-December.


Edited by Bloomberg


The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?