Clifford Chance advises on Harita Nickel’s US$660 million IPO and listing on the Indonesian Stock Exchange

Leading international law firm Clifford Chance has joint lead underwriters BNP Paribas, Citigroup, Credit Suisse and Mandiri Sekuritas, and underwriters DBS, OCBC and UOB Kay Hian on the US and international aspects of the IPO and listing of PT Trimegah Bangun Persada Tbk advise the Indonesian Stock Exchange (IDX). Trimegah Bangun Persada, also known as Harita Nickel, is a subsidiary of the Indonesian conglomerate Harita Group. The listing, which raised about US$660 million (IDR 9.7 trillion), is Indonesia’s largest IPO so far this year.

The Clifford Chance team was led by Partner Gareth Deine and consisted of US Senior Associate Stephanie Juwita Liman, Associate Jasmine Wong and Trainees Denzyl Ang and Adam Clifton, all based in Singapore. In New York, partner Avrohom Gelber and associate Sharon Yu advised on US tax aspects, while partner Jefferey LeMaster and associate Emily Picard advised on aspects of the United States Investment Company Act. Ginting & Reksodiputro acted as Indonesian legal advisors to the underwriters.

Lead Partner Gareth Deine said: “Indonesia has the world’s largest nickel reserves, which is a crucial input for the electric vehicle and battery industry. The quality of the investor base for this IPO – especially against the backdrop of difficult market conditions – demonstrates strong investor confidence in Indonesia’s ambitions to develop an end-to-end electric vehicle supply chain. We are pleased to have played a role in this groundbreaking offering in Indonesia, which continues to reflect our leadership in advising clients on their energy transition ambitions in Asia Pacific.”

Clifford Chance has a track record of advising on some of Indonesia’s largest capital markets transactions, including the $732 million IPO of PT Avia Avian, the $260 million IPO of PT Cisarua Mountain Dairy and the second tranche Star Energy Group’s $1.1 billion green project bond.