Nickel companies are driving a record year for public listings in Indonesia, in a crucial test of investor enthusiasm for President Joko Widodo’s ambition to make the country a top participant in the global electric car market.
Harita Nickel, a subsidiary of Harita Group with a significant project in North Maluku, is holding its investor roadshow this week and hoping to raise at least $600mn ahead of a book build later in March, two people familiar with the talks said.
Merdeka Battery Materials is also planning a local listing in the first half, the people said. Hillcon, a nickel contractor that went public last week on Indonesia’s stock exchange, is trading 25 per cent higher than its initial public offering price.
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