By Yantoultra Ngui
SINGAPORE (Reuters) -Indonesian nickel mining and processing company Anugrah Neo Energy Materials is planning an initial public offering to raise more than $300 million on the Indonesia Stock Exchange, two people with direct knowledge of the matter said.
The company, which is developing facilities to produce materials for electric vehicle batteries, is targeting a market debut in December, the sources said, declining to be identified as the information was not public.
The IPO could value Anugrah Neo Energy Materials at more than $2 billion and proceeds will be used for purposes including expansion, according to the sources.
DBS and RHB were among the banks working on the IPO, they added.
Anugrah Neo Energy Materials did not immediately respond to a request for comment on Tuesday.
DBS declined to comment. RHB said it was not in a position to comment on the matter at this point.
Anugrah Neo Energy Materials operates two nickel laterite mines in Central Sulawesi, TAS in Morowali that holds more than 200 million tonnes of resources, and MDK in Ampana that spans more than 10,800 hectares (41.7 square miles), according to its website.
The company is also developing a low-carbon high-pressure acid leach plant to produce mixed hydroxide precipitate, a key precursor for electric vehicle batteries, and two industrial estates, its website showed.
Indonesia, the world’s largest nickel producer with more than half of global output, has been driving investment into battery materials and EV supply chains. Indonesia is also Southeast Asia’s largest economy.
(Reporting by Yantoultra Ngui; Editing by Kate Mayberry)
