CNA – Indonesian nickel firm PT Merdeka Battery Materials plans to price its shares at IDR795 each, at the top of the range for its initial public offering (IPO) to raise IDR8.75 trillion (USD586.46 million), according to two sources with direct knowledge of the matter.
The pricing would make Merdeka Battery’s IPO the second largest in Indonesia this year after its peer PT Trimegah Bangun Persada raised IDR10 trillion.
The two IPOs come as nickel-rich Indonesia ramps up its efforts to be a major player in the electric vehicle industry. Southeast Asia’s largest economy, Indonesia is one of the world’s hottest IPO markets this year as the government looks to privatise some state-owned enterprises.
Some USD828.1 million worth of new share sales were issued in the first quarter, Refinitiv Eikon data showed, up from USD202.3 million a year earlier.
