JUNEASIA BUSINESS OUTLOOK8NEWSROOMINDONESIAN COPPER MINE TO RAISE IDR 12T VIA IPONVIDIA MARKET CAP SURPASSES $1 TRILLION, FIRST AMERICAN CHIPMAKER TO HIT THE MILESTONEAmman Mineral Internasional, an Indonesian copper miner, plans to raise up to 12.94 trillion rupiah ($880.6 million) in an initial public offering scheduled for June 28 to July 3, according to the prospectus released on Wednesday.Book building is set to begin on Wednesday, with an offering price of 1,650 to 1,775 rupiah per share.According to the company prospectus, the IPO proceeds will be used to repay PT Amman Mineral Nusa Tenggara's outstanding loans, as well as for capital expenditures such as funding smelter projects.According to Refinitiv data, Indonesia's IPO market raised $1.58 billion in April this year, ranking second only to China in the Asia-Pacific region excluding Japan and ahead of traditional powerhouse Hong Kong. Nvidia Corp's market capitalization surpassed $1 trillion on May 30, making it the first US chipmaker to do so. The gaming and AI chip company, whose shares rose 3.8 percent in pre-market trading on Tuesday, was valued at $1.03 trillion. Nvidia stunned investors by reporting a quarterly profit of more than $2 billion and revenue of $7 billion, both of which exceeded Wall Street expectations.Meta Platforms Inc, valued at approximately $670 billion as of last close, achieved the trillion-dollar market capitalization milestone in 2021, joining Apple Inc, Alphabet Inc, Microsoft Corp, and Amazon.com Inc as members of the club.Wall Street analysts praised Nvidia's forecast as 'unfathomable' and 'cosmological', raising their price targets dramatically. The highest price target placed the company at around $1.6 trillion, on par with Alphabet, Google's parent company.Jensen Huang, CEO of Nvidia, unveiled a new batch of AI-related products and services, hoping to capitalise on the frenzy that resulted in his wealth increasing by nearly $7 billion last week to nearly $35 billion."Given the valuation is well above the long-term average, there will be significant pressure to deliver high growth on a consistent basis... there could be volatility in its share price to come", Hargreaves Lansdown's head of money and markets, Susannah Streeter, said.Nvidia's stock rose about 25 percent last week, sparking a rally in AI-related stocks and boosting other chipmakers, helping the Philadelphia SE Semiconductor index close at its highest level in over a year on Friday.
< Page 7 | Page 9 >