Harita Nickel Set to Price Shares at Top to Raise $647 mln - Sources

INITIAL PUBLIC OFFERING (IPO) - SYDNEY. Indonesian nickel company PT Trimegah Bangun Persada plans to price its shares at the top of the range in its initial public offering (IPO), raising $647 million according to three sources with direct knowledge of the matter.

The sources could not be named as the information was not yet made public.

Trimegah Bangun Persada, also known as Harita Nickel, sold the shares in a price range of 1,220 rupiah to 1,250 rupiah each, according to its filings.

A Harita Nickel spokesperson declined to comment on the final price and referred to the company's original filings.

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The book building would close on Friday, the term sheet said. So far demand from investors had meant the book was oversubscribed, one source added.

Harita Nickel will be southeast Asia's biggest IPO so far this year, overtaking the listing of Indonesian state-backed Pertamina Geothermal Energy, which raised 9.06 trillion rupiah ($591 million) in February ($1 = 15,340.0000 rupiah)