Medco Group's Copper Mine, Amman Mineral Nusa Tenggara, Prepares for Billion-Dollar IPO

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Medco Group's copper mine, Amman Mineral Nusa Tenggara (AMNT), is reportedly preparing for a massive initial public offering (IPO) with a fundraising target rumored to reach US$1 billion or around IDR 15 trillion (assuming an exchange rate of IDR 15,000/US$). Bloomberg reported, citing sources familiar with the matter, that the company is working with financial advisors to prepare for the listing process, which is expected to happen in the first half of this year.

If successful, the IPO would be the largest since the IPO of BUMN subsidiary Dayamitra Telekomunikasi/Mitratel (MTEL) on the Indonesia Stock Exchange (IDX) late last year. AMNT has previously been reported to be seeking public funding on the capital market, but this has not materialized until now.

Currently, the company is building copper and gold refining facilities to comply with the downstreaming policy and the prohibition on copper concentrate exports, which is expected to be implemented soon. In the first nine months of this year, the company recorded fantastic performance, with sales rising 121% to US$1.98 billion (IDR 29.65 trillion). Meanwhile, the company's net profit also skyrocketed 253% during the same period to US$748 million (IDR 11.22 trillion). This increase was due to a significant increase in the company's sales volume, while the average selling price for both commodities was recorded lower.

The company's EBITDA as of the end of September was recorded at US$1.19 billion (IDR 17.83 billion), while for the last 12 months or four quarters (LTM), the company's EBITDA was recorded at US$1.43 billion (IDR 21.37 trillion). With an estimated enterprise value (EV) valuation of up to 5 times EBITDA, the company could potentially have a market capitalization of over IDR 100 trillion. As a comparison, the valuations of Vale Indonesia (INCO) and Aneka Tambang (ANTM) were recorded in the range of 8 to 10 times the company's EBITDA. Meanwhile, Sandiaga Uno's Merdeka Copper Gold (MDKA) gold mine has a valuation equivalent to more than 30 times the company's EBITDA, according to Refinitiv data.

Medco Energi Internasional (MEDC) is known to hold a 23.13% indirect ownership stake in AMNT through Amman Mineral Internasional. Other major shareholders include PT Sumber Gemilang Persada (35.57%) and PT AP Investment (17.08%).

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