PT Sinar Terang Mandiri Tbk (MINE) became the 9th company to officially list its shares through an Initial Public Offering (IPO) on the Indonesia Stock Exchange (IDX) on Monday (March 10, 2025). MINE opened at IDR 270, with a market capitalization reaching IDR 1.103 trillion. MINE's stock price surged by up to 25% from the initial price of IDR 216. According to Ivo Wangarry, the President Director of PT Sinar Terang Mandiri Tbk, the funds raised from the IPO will be used for the development of nickel mining operations. 

"The funds from this IPO will mostly be allocated for capital expenditures, particularly for the purchase of heavy equipment. This will help us capture greater opportunities in the nickel mining sector," said Ivo in his presentation at the IDX building in Jakarta on Monday (March 10, 2025).

In addition to capital expenditures for heavy equipment, Ivo mentioned that the company will also be expanding into several mining projects in the future.

In 2025, the company is running two mining projects: one in Halmahera, North Maluku, operated by PT Weda Bay Nickel, and another in Morowali, Central Sulawesi, through PT Hengjaya Mineralindo.

According to the prospectus on the e-ipo.co.id website, MINE reported a year-on-year (YoY) revenue growth of 40.8% as of August 31, 2024, reaching IDR 1.36 trillion, compared to IDR 968.05 billion the previous year, on August 31, 2023. Meanwhile, the company’s net profit saw an increase of 278.3%, reaching IDR 165.65 billion, up from IDR 59.52 billion in the previous period.

As of 10:30 AM WIB, MINE's stock continued to move, with transaction frequency reaching 1,938 times, a trading volume of 781,200 shares, and a transaction value of IDR 210.9 billion. Ivo claimed that MINE's IPO was oversubscribed by up to 25 times.