Indonesian nickel company Merdeka Battery Materials surged as much as 20% in its trading debut on Tuesday after raising 8.75 trillion rupiah ($591.82 million) in the country's third largest initial public offering this year.
A worker watches as trucks load up raw nickel near Sorowako, Indonesia's Sulawesi island, January 8, 2014. Picture taken January 8, 2014. REUTERS/Yusuf Ahmad/File Photosurged as much as 20% in its trading debut on Tuesday after raising 8.75 trillion rupiah in the country's third largest initial public offering this year.
The strong debut, coming less than a week after Harita Nickel's robust listing, signals investors' growing appetite for Indonesia's nickel processing sector, which is part of the electric vehicle supply chain. Southeast Asia's largest economy has been stepping up its efforts to become a major player in the global EV supply chain by tapping its nickel reserves, the largest in the world.
Merdeka Battery opened at 805 rupiah on the Indonesian stock exchange, compared with its IPO price of 795 rupiah. The shares later jumped to 955 rupiah, before steadying at 935 rupiah.
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