JAKARTA — Shares of nickel producer Trimegah Bangun Persada, better known as Harita Nickel, shook off a slow start to close more than 4% higher in their trading debut Wednesday on the Jakarta bourse in Indonesia’s largest initial public offering so far this year.
Harita Nickel raked in 9.997 trillion rupiah ($673 million) in IPO proceeds ahead of the listing, falling short of its previous maximum target of over 15 trillion rupiah. But it is still the largest IPO at the Indonesia Stock Exchange so far in 2023, beating that of Pertamina Geothermal Energy, the subsidiary of state oil and gas company Pertamina, which raised 9.06 trillion rupiah in February.