JAKARTA — Nickel producer Merdeka Battery Materials closed 11% higher in its stock market debut on Tuesday, becoming the latest company in Indonesia’s resource sector to go public amid rising demand for electric vehicles.
The listing comes after the company raised 9.2 trillion rupiah ($620 million) in its initial public offering, making it the country’s second largest IPO this year. Merdeka Battery is a subsidiary of Merdeka Copper Gold, of which Chinese battery giant Contemporary Amperex Technology (CATL) is a minority shareholder.