PT Sinar Terang Mandiri Officially Listed on The Indonesia Stock Exchange
Jakarta, March 10, 2025 – PT Sinar Terang Mandiri Tbk (Stock Code: MINE)
On 10 March 2025, PT Sinar Terang Mandiri Tbk officially listed its shares on the Indonesia Stock Exchange (IDX), setting the initial offering price at IDR 216 per share. Through this Initial Public Offering (IPO), the Company aims to optimize business opportunities in the nickel mining sector by expanding its fleet of heavy equipment to support operational activities.
In the IPO, the Company offered 612,665,300 shares, equivalent to 15% of the issued capital. At an initial price of IDR 216 per share, MINE successfully raised IDR 132.3 billion in funding. The IPO attracted strong interest from investors, as evidenced by an oversubscription of up to 25 times in the pooling allotment. PT Trimegah Sekuritas Indonesia Tbk was appointed as the underwriter.
MINE President Director, Ivo Wangarry, stated that the IPO represents a significant and strategic milestone for the Company to scale its business and enhance long-term financial performance. The capital raised through the IPO will strengthen the Company’s capacity to seize new opportunities in the mining sector and support the government’s downstream nickel industrialization agenda.
“We are grateful that the IPO process was completed successfully and received tremendous response from investors. Our commitment is to execute the business plans outlined in the prospectus and allocate the majority of the IPO proceeds toward strengthening the Company’s fundamentals,” said Ivo Wangarry in an official statement after the listing ceremony at IDX on Monday (10/3).
Ivo further emphasized that the success of the IPO is the result of hard work by various parties, including employees, shareholders, business partners, regulators, investors, and capital market professionals. “We thank all employees, shareholders, and stakeholders who contributed to the success of PT Sinar Terang Mandiri’s IPO,” he added.
Fundamentally, MINE’s performance continues to grow in line with increasing productivity. As of 31 August 2024, the Company recorded revenue of IDR 1.36 trillion, an increase of 40.8% compared to IDR 968.05 billion in the same period of 2023. This growth was supported by a 47.0% increase in nickel material movement volume, from 6.7 million bank cubic meters (bcm) on 3 August 2023 to 9.8 million bcm as of 31 August 2024.
Ivo noted that the increase in heavy equipment following the IPO will further boost the Company’s capability in nickel mining, which in turn will positively impact revenue. The ongoing development of Indonesia’s nickel downstream industry and rising global demand for nickel present promising business prospects.
“The growing global electric vehicle (EV) ecosystem, which relies on nickel, offers long-term value for the Company. As industry players, we hope to support Indonesia’s role as a key contributor to the global EV battery raw material supply chain,” said Ivo. Indonesia is one of the world’s largest nickel producers, holding around 20% of global reserves. The increasing investment in downstream nickel industries continues to fuel demand for nickel mining services in the country.
