INITIAL PUBLIC OFFERING (IPO) - JAKARTA. Indonesian nickel company Trimegah Bangun Persada, also known as Harita Nickel, opened higher in its trading debut on Wednesday after raising 10 trillion rupiah (US$ 672 million) in the country's biggest listing this year.
The stock opened 1,285 rupiah per share, slightly higher than its initial public offering (IPO) price of 1,250 rupiah a share on the Indonesian stock exchange.
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 peer Merdeka Battery Materials is scheduled to debut on the local bourse next on April 18 after raising 8.75 trillion rupiah. ($1 = 14,881.0000 rupiah)
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