JAKARTA – PT Sinar Terang Mandiri Tbk (MINE) officially debuted on the Indonesia Stock Exchange (IDX) today (10/3), with its IPO oversubscribed by 25 times.

According to the company’s official statement, MINE successfully raised IDR 132.34 billion from the offering of 612.67 million shares at IDR 216 per share during its IPO process.

As a company operating in the mining support sector, MINE places high hopes on Indonesia’s mining potential and nickel downstreaming.

“The growth of the global Electric Vehicle (EV) ecosystem, which requires nickel support, provides added value for the company to increase profitability in the long term,” said Ivo Wangarry, President Director of MINE, in a written statement.

It’s worth noting that MINE’s two existing projects are with PT Weda Bay Nickel and PT Hengjaya Mineralindo, both of which are involved in nickel mining.

In terms of financial performance, as of 31 August 2024, the company recorded revenue of IDR 1.36 trillion, up 40.8% year-on-year (yoy) from IDR 968.05 billion.

This aligns with increased productivity, as the total material movement from nickel mining rose 47.0% yoy, from 6.7 million bank cubic meters (bcm) to 9.8 million bcm.

By the close of the first trading session today, MINE’s stock price reached IDR 270 per share, marking a 25% increase from its opening price. (ZH)