Deals
Nickel Producer Said to Raise $586 Million in Indonesia IPO
- Merdeka Battery said to have sold shares at top of range
- The deal is Indonesia’s third-largest so far this year
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PT Merdeka Battery Materials will raise 8.75 trillion rupiah ($586 million) from its initial public offering in Jakarta as it prices shares at the top end of an expected range, according to people with knowledge of the matter.
The firm, a unit of miner PT Merdeka Copper Gold, is selling 11 billion shares at 795 rupiah each, the people said, asking not to be named because the terms are not public. It had offered the shares at 780 to 795 rupiah apiece. The deal can be upsized by another 1.1 billion shares.