Indonesian nickel mining and processing firm Anugrah Neo Energy Materials is preparing an initial public offering (IPO) to raise more than $300 million on the Indonesia Stock Exchange, according to two people familiar with the matter.
The company, which is developing facilities to produce materials used in electric vehicle batteries, aims to list its shares in December, the sources said.
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The IPO could value the company at over $2 billion, with proceeds expected to support expansion projects and related investments. Banks involved in arranging the offering include DBS and RHB, the sources added.
Anugrah Neo Energy Materials operates two nickel laterite mines in Central Sulawesi — TAS in Morowali, which holds more than 200 million tonnes of resources, and MDK in Ampana, spanning about 10,800 hectares. The company is also developing a low-carbon high-pressure acid leach (HPAL) plant to produce mixed hydroxide precipitate, a key component for electric vehicle batteries, along with two industrial estates.
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Indonesia, the world’s largest nickel producer, accounts for more than half of global output and has been pushing for greater investment in downstream battery materials and electric vehicle supply chains to strengthen its position in the global EV industry.