Harita Nickel Sets IPO Price At IDR 1,250 Per Share

Trimegah Bangun Persada (TBP), popularly known as Harita Nickel in Indonesia, has set its initial public offering price at 1,250 rupiah per share in order to generate 10 trillion rupiah ($669.79 million) in revenues.

According to a business prospectus issued on Tuesday, the company will sell 12.67% of its interest in the IPO scheduled for April 5-10.

The price is at the upper end of the first indicative offering range of 1,220 - 1,250 rupiah, although the number of shares is fewer than the maximum 18% initially intended.

In collaboration with China's Lygend Resources, the business now operates a high pressure acid leach (HPAL) plant in Indonesia's eastern Obi island, with a capacity of 55,000 tonnes of mixed hydroxide precipitate (MHP).

It has subsidiaries that run ferronickel smelters with a total annual capacity of 305,000 tonnes.

TBP's projected investment will install 12 more ferronickel lines and three more MHP lines.