JAKARTA. The stock of PT Adhi Kartiko Pratama Tbk (NICE) has been officially listed on Indonesia Stock Exchange (IDX) on Tuesday (9/1) after holding its initial public offering (IPO) of 1.21 billion shares.

Stevano Rizki Adranacus, President Director of NICE, said that this corporate action receives quite a huge support from various stakeholders, including capital market investors. During the public offering, Adranacus said, investors’ interest in pooling allotment even recorded oversubscription of 15.72 times.

“This corporate action is crucial to realise NICE’s vision as the advanced player in nickel mining and refinery industry in Indonesia by highlighting world-class mining standards,” Adranacus further explained after the stock listing ceremony today (9/1).

Along with the official listing on IDX, NICE also initiates a new phase by welcoming LX International Corp as its new controlling shareholder. LX International Corp, through PT Energy Battery Indonesia, is known to acquire 60% of NICE for the same price set during the IPO.

The management of NICE saw that the participation of LX International Corp will grant added value to the company through the management of the company’s resources in the supply chain of nickel refinery and electric vehicle battery industry. This support is in line with the company’s commitment to participate in the roadmap of nickel industry downstreaming initiated by the Indonesian government. (KR/ZH)