Harita Nickel to Soon Kick Off $650 Million Indonesian IPO

Harita Nickel to Soon Kick Off $650 Million Indonesian IPO

Indonesian metal and mining firm PT Trimegah Bangun Persada is set to kick off its initial public offering as soon as Wednesday and is looking to raise about $650 million, according to people familiar with the matter.

The company, also known as Harita Nickel, plans to offer shares at 1,220 to 1,250 rupiah each, said the people, who asked not to be identified as the information is private. At the top end of the price range, Harita Nickel will be valued at about $5.2 billion, the people said. It will likely start taking investor orders as soon as Wednesday, they added.

At $650 million, Harita Nickel’s IPO would surpass PT Pertamina Geothermal Energy as Indonesia’s biggest this year, according to data compiled by Bloomberg. State-backed Pertamina Geothermal raised about $604 million in its first-time share sale in February.

Deliberations are ongoing and details of Harita Nickel’s IPO could still change, the people said. A representative for the company declined to comment.

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