Nickel Producer Merdeka Battery Surges in Jakarta Trading Debut
- Company raised 9.2 trillion rupiah through initial share sale
- EV supply chain sector is a priority for President Joko Widodo
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Nickel producer PT Merdeka Battery Materials jumped in its trading debut in Jakarta on Tuesday after raising 9.2 trillion rupiah ($622 million) through an initial public offering.
The shares finished 11% higher than the listing price, ending Monday at 885 rupiah apiece. The unit of miner PT Merdeka Copper Gold sold 11.5 billion shares at 795 rupiah each, the top of a marketed range, including about 550 million shares in additional allotment.