Trimegah Bangun Persada, which is also known as Harita
Nickel, is offering up to 8.1 billion shares at between 1,220
and 1,250 rupiah each, according to the term sheet.
At the top range, Harita Nickel would command a market value of $5.1 billion.
The company is starting to take IPO orders from Wednesday and will price the offering on March 24, the sheet shows. Harita Nickel will debut on the Indonesian stock exchange on April 12.
It plans to use the IPO proceeds for capital expenditure, repayment of outstanding loans and working capital, among others.
Earlier on Wednesday, the company's prospectus showed the
firm would raise up to 15.12 trillion rupiah ($982 million).
Bankers said the expanded size in the prospectus was
based on the company's initial IPO application but the actual
deal launched on Wednesday was to raise up to $647 million.
The company mines nickel and operates processing
facilities in Obi island in Indonesia's eastern Maluku region.
Through its partnership with China's Lygend Resources, TBP
operates Indonesia's first high pressure acid leach (HPAL) plant
which extracts mixed hydroxide precipitate (MHP), the nickel
material used in batteries for electric vehicles.
BNP Paribas SA, Citigroup Inc, Credit Suisse Group AG
and PT Mandiri Sekuritas are joint global coordinators of the
IPO.
($1 = 15,380.0000 rupiah)
(Reporting by Fransiska Nangoy and Stanley Widianto in Jakarta
and Yantoultra Ngui in Singapore; Editing by Edmund Klamann, Ed
Davies)
