The incorporation of performance indicators as the selection mechanism of a multi-objective evolutionary algorithm (MOEA) is a topic that has attracted increasing interest in the last few years. This has been mainly motivated by the fact that Pareto-based selection schemes do not perform properly when solving problems with four or more objectives. The indicator that has been most commonly used for being incorporated in the selection mechanism of a MOEA has been the hypervolume. Here, however, we explore the use of the R2 indicator, which presents some advantages with respect to the hypervolume, the main one being its low computational cost. In this paper, we propose a new MOEA called Many-Objective Metaheuristic Based on the R2 Indicator (MOMBI), which ranks individuals using a utility function. The proposed approach is compared with respect to MOEA/D (based on scalarization) and SMS-EMOA (based on hypervolume) using several benchmark problems. Our preliminary experimental results indicate that MOMBI obtains results of similar quality to those produced by SMS-EMOA, but at a much lower computational cost. Additionally, MOMBI outperforms MOEA/D in most of the test instances adopted, particularly when dealing with high-dimensional problems having complicated Pareto fronts. Thus, we believe that our proposed approach is a viable alternative for solving many-objective optimization problems.