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NICKEL producer PT Merdeka Battery Materials seeks up to 9.62 trillion rupiah (S$846 million) in what’s set to be Indonesia’s second-largest initial public offering (IPO) this year.
Merdeka Battery is tapping into the surging global demand for electric cars by refining its nickel into battery materials. The company is developing a high-pressure acid leaching plant in Sulawesi island that will have the capacity to produce 120,000 tons a year. It plans to use the IPO proceeds to repay a US$300 million loan facility earlier, with the rest going towards working capital including for the nickel facility.