JAKARTA – PT Merdeka Battery Materials Tbk (MBMA) set its initial public offering (IPO) price at IDR 795 per share, right above the price range announced previously.

As previously informed on IDNFinancials, MBMA will release a maximum of 11.4% of the company's issued and paid-up shares after the IPO, equivalent to a maximum of 12.1 billion shares.

On this day (12/4), the company will start its initial public offering until April 14, before the initial listing on the Indonesia Stock Exchange (IDX) on April 18, 2023.

Based on a press release published today (12/4), MBMA has appointed PT Indo Premier Sekuritas, PT Trimegah Sekuritas Indonesia Tbk, PT UBS Sekuritas Indonesia, PT Macquarie Sekuritas Indonesia, PT Sucor Sekuritas, PT Aldiracita Sekuritas Indonesia, and PT Ciptadana Sekuritas Asia as the underwriters.

MBMA is currently focusing on carrying out nickel downstream activities which will be used as raw material for electric vehicle (EV) batteries. As much as 18% of the IPO proceeds will be used by the company to build a nickel smelter with Phase I High Pressure Acid Lead (HPAL) technology with a capacity of 60,000 tons per year, assisted by capital expenditure prepared this year. It is predicted that the HPAL factory will spend a total of US$ 1.28 billion. (ZH/LM)