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(Bloomberg) — PT Amman Mineral Internasional, the owner of the second-largest gold and copper mine in Indonesia, raised about 10.73 trillion rupiah ($715 million) in an upsized initial public offering, according to people familiar with the matter.

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Amman Mineral sold 6.33 billion shares at a fixed price of 1,695 rupiah each, the people said, asking not to be identified as the information isn’t public. The company had set the size of the base offering at 6.29 billion shares, according to a term sheet seen earlier by Bloomberg News. The first day of trading on the Jakarta Stock Exchange is scheduled for July 5. 

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A representative for Amman Mineral didn’t immediately respond to requests for comment.

The IPO is the largest in Asia this year outside mainland China, according to data compiled by Bloomberg. First-time share sales in Southeast Asia’s largest economy have raised $2.2 billion since the start of January, a 77% increase from the same period last year. The surge contrasts with a slump in regional hubs such as Hong Kong and Singapore.

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Listings from the renewable energy sector, metal and mining and related to the electric vehicle supply chain have attracted demand for new shares from domestic and foreign investors. The Jakarta-based miner’s debut is lined up to be Indonesia’s largest since GoTo Group in April 2022. 

Amman Mineral owns the second-largest copper and gold mine in Indonesia and the fifth-largest copper mine in the world, when combined with deposits in its planned Elang project, 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 three fold increase from the previous year’s figure.

The firm has one of the lowest cash costs among mines in the world, Aequitas Research analysts including Ethan Aw and Sumeet Singh wrote in a note prior to the pricing. Profitability has grown “dramatically” due to growth in copper and gold sales volumes, they said. 

“However, copper prices might possibly be on a downtrend in the near term, which would affect the company’s prospects given that it doesn’t intend to undertake any hedging policies,” the analysts said. 

Proceeds from the offering will be used for working capital, debt repayment and to fund refinery projects in West Nusa Tenggara province, according to the prospectus. The underwriters are BNI Sekuritas, CLSA Sekuritas Indonesia, DBS Vickers Sekuritas Indonesia and Mandiri Sekuritas. 

—With assistance from Fathiya Dahrul.