A worker displays mixed hydroxide precipitate blocks at a nickel processing facility operated by Harita Nickel on Obi Island, North Maluku, Indonesia on March 7, 2023.
Dimas Ardian | Bloomberg | Getty Images
Indonesian nickel company Trimegah Bangun Persada, also known as Harita Nickel, opened higher in its trading debut on Wednesday after raising 10 trillion rupiah ($672 million) in the country’s biggest listing this year.
The stock opened 1,285 rupiah per share, slightly higher than its initial public offering (IPO) price of 1,250 rupiah a share on the Indonesian stock exchange.
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The IPO comes at a time when nickel-rich Indonesia steps up efforts to become a major player in the electric vehicle industry. Harita Nickel’s peer Merdeka Battery Materials is scheduled to debut on the local bourse next on April 18 after raising 8.75 trillion rupiah.