KONTAN.CO.ID - JAKARTA. Indonesian nickel company Merdeka Battery Materials surged as much as 15.1% in its trading debut on Tuesday after raising 8.75 trillion rupiah ($591.82 million) in the country's third largest initial public offering this year. The positive debut signals investors' growing appetite for Indonesia's nickel processing sector, which is part of the electric vehicle (EV) supply chain. Southeast Asia's largest economy has been stepping up its efforts to become a major player in the global EV supply chain by tapping its nickel reserves, which are the largest in the world.
Merdeka Battery Soars 15% on Debut as Investors Drawn to Indonesia's EV Push
KONTAN.CO.ID - JAKARTA. Indonesian nickel company Merdeka Battery Materials surged as much as 15.1% in its trading debut on Tuesday after raising 8.75 trillion rupiah ($591.82 million) in the country's third largest initial public offering this year. The positive debut signals investors' growing appetite for Indonesia's nickel processing sector, which is part of the electric vehicle (EV) supply chain. Southeast Asia's largest economy has been stepping up its efforts to become a major player in the global EV supply chain by tapping its nickel reserves, which are the largest in the world.