PT Merdeka Battery Materials Tbk (MBMA), a giant nickel company under PT Merdeka Copper Gold Tbk (MDKA), is officially listed on the Indonesia Stock Exchange (IDX) after holding an Initial Public Offering (IPO) at a price of IDR 795 per share from 12 to 14 April.

Based on an official statement from MBMA, the company's shares experienced oversubscription of up to 19.9 times, which caused the company to issue an additional 549,999,900 new shares in addition to the 11 billion shares previously allocated.

"The large number of stock offerings that have come in indicates that investors are also very optimistic about the prospects for the nickel mining downstream business and the development of the Electric Vehicle (EV) battery raw material value chain developed by MBMA," said David Agus, Director of PT Trimegah Sekuritas Indonesia Tbk (TRIM), one of the managing underwriters for the MBMA IPO.

Source: https://www.idnfinancials.com/news/46690/oversubscribed-times-mbma-scored-idr-debut