NAME: Harita Nickel’s IPO on Indonesia Stock Exchange
LAW FIRM: Witara Cakra Advocates
PRACTICE AREAS: Capital markets
INDUSTRY SECTORS: Energy, Industrials and manufacturing, Mining

Harita Nickel’s $670 million initial public offering (IPO) on the Indonesia Stock Exchange is our deal of the month for April.

Witara Cakra Advocates has advised Indonesian nickel company Harita Nickel, a subsidiary of Indonesian conglomerate Harita Group, on its $670 million IPO on the Indonesia Stock Exchange, which marks the largest IPO in Indonesia this year. The listing is indicative of Indonesia’s popularity as an IPO market, which continues to attract other energy companies.

Harita Nickel operates the first high-pressure acid leaching smelter on Obi island in North Maluku and produces 60,000 tonnes of contained nickel per year. Nickel is an attractive commodity for investors as it is a key metal used in batteries and electric vehicles. With its debut, the company will use the proceeds to increase working capital and capital spending and repay outstanding loans.

Law firms Clifford Chance and Ginting & Reksodiputro acted for the lead underwriters BNP Paribas, Citigroup, Credit Suisse and Mandiri Sekuritas, as well as underwriters DBS, OCBC and UOB Kay Hian. The Clifford Chance team was led by partner Gareth Deiner.