Indonesia Nickel Miner Trimegah Bangun Persada Plans up to $982 Millin IPO

INITIAL PUBLIC OFFERING (IPO) - JAKARTA. Indonesian nickel company PT Trimegah Bangun Persada (TBP), of the Harita conglomerate group, plans to raise up to 15.12 trillion rupiah ($982 million) in its April initial public offering, according to a prospectus on Wednesday.

TBP plans to sell as many as 12.09 billion shares, or 18% of total capital, at a price range of 1,220 rupiah to 1,250 rupiah a piece in a share sale offering set for April 5-10, said the prospectus reviewed by Reuters.

The company, also known as Harita Nickel, mines nickel and operates processing facilities in Obi island in Indonesia's eastern Maluku region.

Read Also: OPEC+ to Stick to Production Cut, Saudi Minister Tells Energy Intelligence

Through its partnership with China's Lygend Resources, TBP operates Indonesia's first high pressure acid leach (HPAL) plant which extracts mixed hydroxide precipitate (MHP), the nickel material used in batteries for electric vehicles.

Underwriters for TBP's IPO, include BNP Paribas, Credit Suisse, and Citi.