IDX Welcomes MINE: Nickel Mining Growth Plan
PT Sinar Terang Mandiri Tbk (Stock Code: MINE), a company specializing in mining and quarrying support services, officially listed its shares on the Indonesia Stock Exchange (IDX) today, March 10, 2025, with an initial share price of Rp216 per share. Through this Initial Public Offering (IPO) strategy, the company will focus on optimizing business opportunities in the nickel mining sector by increasing its heavy equipment to enhance operational activities.
In this IPO, the company offered investors 612,665,300 shares, equivalent to 15% of its issued capital. With an initial share price of Rp216 per share, MINE successfully raised Rp132.3 billion. During the initial and public offering periods, the company’s IPO received extraordinary enthusiasm from investors. This was reflected in the significant demand during the pooling period, which was oversubscribed by up to 25 times. MINE appointed PT Trimegah Sekuritas Indonesia Tbk as the underwriter or lead underwriter.
MINE’s President Director, Ivo Wangarry, explained that this IPO is an important and strategic momentum for the company to expand its business and improve its financial performance sustainably. The capital increase through the IPO will enable the company to have greater capacity to optimize business opportunities in the mining sector and support the nickel industry downstream program, which is currently one of the government’s focuses.
“We are grateful that this IPO process went smoothly and received an extraordinary response from investors. Our commitment is to execute the business plan we have outlined in the prospectus and use the majority of the IPO funds to strengthen the company’s fundamentals,” explained Ivo Wangarry through an official statement after the initial share listing on the IDX, Monday (10/3).
Ivo Wangarry added that the company’s successful IPO is the result of hard work from many parties, including employees, shareholders, business partners, regulators, investors, and capital market support professionals. “Thank you to the employees, shareholders, and other stakeholders who have made PT Sinar Terang Mandiri’s IPO a success,” he added.
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Fundamentally, MINE’s performance continues to grow in line with increasing work productivity. As of August 31, 2024, the company recorded revenue of Rp1.36 trillion, a 40.8% increase compared to the same period in 2023, which was Rp968.05 billion. The increased revenue was driven by a 47.0% increase in total material movement from nickel mining, from 6.7 million bank cubic meters (bcm) on August 31, 2023, to 9.8 million bcm on August 31, 2024.
Ivo Wangarry said that the increased number of heavy equipment after this IPO will further enhance the company’s nickel mining capabilities, directly impacting the company’s revenue. The domestic nickel industry downstream program and the increasing global demand for nickel will also create excellent business opportunities for the company.
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“The developing global Electric Vehicle (EV) ecosystem, which requires nickel support, provides added value for the company to increase long-term profits. As a business player, we also hope to support Indonesia as an essential part of the global electric vehicle battery raw material supply chain,” said Ivo.
Indonesia is one of the world’s largest nickel producers, with reserves reaching 20% of total global reserves. Increased investment in the nickel downstream sector has driven the growing need for nickel mining services in Indonesia.
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