Linklaters advised the joint global coordinators, joint bookrunners and the domestic underwriters on the initial public offering (IPO) of PT Merdeka Battery Materials Tbk (Merdeka Battery) on the Indonesia Stock Exchange. This is the second-largest IPO this year in Indonesia – the largest economy in Southeast Asia.
The IPO received strong interest from sovereign wealth funds, insurance firms, as well as local and overseas investors, raising IDR 9.2trn (approximately US$620m). The proceeds from the transaction will be used for the financing of the construction and development of existing and growth projects, loan facility repayment and working capital purposes.
Merdeka Battery, a subsidiary of PT Merdeka Copper Gold Tbk, owns one of the world’s largest nickel resources and holds a portfolio of high-quality EV battery value chain assets located in Central and Southeast Sulawesi, Indonesia.
The joint global coordinators, joint bookrunners and the domestic underwriters on the transaction included UBS, Macquarie, Bank of America, HSBC, ING Bank, Oversea-Chinese Banking Corporation, United Overseas Bank, PT Indo Premier Sekuritas and PT Trimegah Sekuritas Indonesia Tbk.
The Linklaters team was led by Head of South and Southeast Asia Capital Markets Amit Singh, with support from counsel Joseph Wolpin.
Capital markets partner Amit Singh, commented:
“We are proud to have advised on one of the largest IPOs in Indonesia this year, demonstrating our capability and expertise in one of the most active equity capital markets in Southeast Asia. We are grateful for this opportunity to work with key international and domestic clients on a major transaction in the mining sector and look forward to continuing to support them in future transactions. Congratulations to all parties involved in this successful offering!”
Linklaters has established a market-leading reputation in the Asia equity capital markets, offering clients the practical expertise and commercial awareness to create novel solutions to maximise investment opportunities. With one of the largest teams of any firm focused on Southeast Asia and India, Linklaters has worked on many high-profile and landmark IPOs across various sectors in the region, including the largest IPO in India.
