23 March 2023
Bloomberg - The company, also known as Harita Nickel, is leaning toward pricing the shares at 1,250 rupiah apiece, said the people, who asked not to be identified as the information is private. Such consideration comes as the order book is well over-subscribed, one of the people said.
The talks are still ongoing and no decision has been made, the sources said. Harita Nickel representatives also refused to comment.
Harita Nickel has marketed as many as 8.1 billion shares at IDR 1,220 to IDR 1,250 each. If the IPO price is above the range, the company will raise as much as IDR 10.1 trillion (US$660 million) and surpass PT Pertamina Geothermal Energy as Indonesia's largest IPO fundraiser this year, according to data compiled by Bloomberg.
Harita operates the first high-pressure acid smelting plant on Obi island in North Maluku, as mentioned on the company's official website. The HPAL process converts local low-grade ore into a mixed hydroxide precipitate - a nickel product that can be further processed to make batteries.
The HPAL facility has a production capacity of 55,000 tons per year. Next year, the new plant will double its production to 120,000 tons.
The company will determine its offering price today, Friday (24/3/2023) and begin trading on the Indonesia Stock Exchange (IDX) on April 12, 2023. Credit Suisse Group AG, BNP Paribas SA, Citigroup Inc. and PT Mandiri Sekuritas are acting as joint global coordinators.
Source: Bloomberg.com
Go Top