PT Indonesia Asahan Aluminium (INALUM), a subsidiary of State-owned mine holding company MIND ID, plans to list its shares through an initial public offering (IPO) on the Indonesia Stock Exchange (IDX) in 2026 or the latest in 2027.
Dilo Seno Widagdo, Director of Portfolio and Business Development of MIND ID, said the decision to list INALUM on the IDX at the latest in 2027 is based on the company’s Long-Term Plan (RJPP).
He emphasized that regarding the IPO next year or the following year, the company still needs to improve INALUM’s equity story to make it more attractive to investors.
“Unlocking INALUM’s value is one of the options that we are currently studying, according to the RJPP, perhaps in 2026-2027,” Dilo said on Thursday, January 9, 2025.
According to Dilo, INALUM’s smelter in Kuala Tanjung, North Sumatra currently has a capacity of 250,000 tons per year, which is considered less attractive to investors if the company conducts an IPO in the near future. Therefore, INALUM needs to increase its equity story in 2025 before the IPO.
In addition, INALUM needs to ensure clarity on production capacity from all its business lines, including smelters. INALUM also needs to have clarity regarding the upstream sector and determine the size for the midstream sector.
Dilo asserted that if everything is clear, the equity story will look better. Then, the value can be unlocked, and there is value-added.
Minister of State-Owned Enterprises (BUMN), Erick Thohir, has earlier revealed on the planned INALUM listing on the IDX through an IPO, while expressing support on MIND ID’s move for the IPO.
“We will push to become a world-class company because our partners are already world-class, there is Vale, there is Freeport,” Erick said.
