Harita Nickel opened higher on Wednesday morning, after listing on Jakarta’s stock exchange in the country’s biggest initial public offering of the year.
The stock opened at Rp1,285 ($0.09), 2.8 per cent higher than its IPO price. It later pared gains to be up about 0.8 per cent.
The company, also known as Trimegah Bangun Persada, raised about $660mn from investors including Swiss commodities trader Glencore and Asian sovereign wealth funds in Indonesia’s largest initial public offering so far this year.
Nickel is a crucial component in electric vehicle batteries. Jakarta is pushing to develop an end-to-end electric vehicle supply chain.
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