Indonesian nickel firm PT Merdeka Battery Materials plans to price its shares at 795 rupiah each, at the top of the range for its initial public offering (IPO) to raise 8.75 trillion rupiah ($586.46 million), according to two sources with direct knowledge of the matter.
The sources could not be identified as the information had not yet been made public.
Merdeka did not immediately respond to a request for comment.
The pricing would make Merdeka Battery’s IPO the second largest in Indonesia this year after its peer PT Trimegah Bangun Persada raised 10 trillion rupiah.
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 $828.1 million worth of new share sales were issued in the first quarter, Refinitiv Eikon data showed, up from $202.3 million a year earlier.
($1 = 14,920.0000 rupiah)
Reuters