Harita Nickel raises 673 mln USD as Indonesia's biggest IPO this year
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E-mail Xinhua, April 12, 2023
JAKARTA, April 12 (Xinhua) -- Nickel mining and downstream company PT Trimegah Bangun Persada, or Harita Nickel, raised 9.99 trillion rupiahs (about 673 million U.S. dollars) in the initial public offering (IPO) from April 5 to 10 on the Indonesia Stock Exchange.
"There was a significant amount of oversubscription due to the great demand," Roy Arfandy, president director of PT Trimegah Bangun Persada, said on Wednesday.
The company will use the proceeds from the IPO to pay off debt, make capital purchases and maintain working capital, according to its prospectus.
The acquisition figure is the biggest in 2023, after the technology company GoTo listed 1.1 billion U.S. dollars in its IPO last year.
Harita's IPO took place as Indonesia, the largest nickel producer in the world, has stepped up efforts to become a significant player in the global market for electric vehicles. Enditem
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