Indonesia has a habit of minting billionaires. The listing of PT Amman Mineral Internasional was one of the best IPOs globally last year. At $750m it topped the list of debutants to the country’s modestly sized equity market that included Harita Nickel and Merdeka Battery Minerals, which collectively raised $1.25bn via IPOs.

They have mining in common where a concerted push towards battery minerals is giving fresh impetus to a nation known for its coal. One consequence of the IPO rush is a bevy of new billionaires. Amman Mineral chair Agus Projosasmito was worth $2.7bn after the firm’s stock rose 269%. Five of the company’s other co-investors are also billionaires, each with a link to Anthoni Salim, the tycoon atop Salim Group, one of Indonesia’s largest conglomerates...

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