Indonesian nickel company Trimegah Bangun Persada, also known as Harita Nickel, marks a new record in its trading debut after raising IDR 10 trillion (US$672 million) in the country’s biggest listing this year on Wednesday (12/4).
The company’s stock begin trading at IDR 1,285 per share, slightly higher than its initial public offering (IPO) price of 1,250 rupiah on the Indonesian stock exchange.
The share’s prices continue to climb as high as IDR 1,410 per share, before dropping to IDR 1,205 per share and reached an average price of IDR 1,290 per share, while at local benchmark index (.JKSE) the price was down by 0.3 percent.
Trimegah Bangun Persada CEO Roy Arman Arfandy, said that the retail portion of the share sale 5 percent higher of the total issued shares.
“There was quite a lot of oversubscription, because the demand was very high,” Roy said at the company’s market debut ceremony on Wednesday (12/4).
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 debut could boost sentiment surrounding upcoming IPOs in Indonesia, which is one of the world’s hottest IPO markets this year on a drive by the government to privatize some state-owned enterprises.
Harita Nickel’s peer Merdeka Battery Materials is scheduled to debut on the local stock market on April 18 after raising 8.75 trillion rupiah.
