Indonesia's Merdeka Battery jumps 12% after $591m IPO

Indonesian nickel company Merdeka Battery Materials surged 12% in its trading debut on Tuesday after raising 8.75 trillion rupiah ($591.82 million) in the country’s third largest initial public offering this year. The stock opened at 805 rupiah, compared with its IPO price of 795 rupiah, on the Indonesian stock exchange. It later traded at 890 rupiah, versus the local stock index’s 0.23% rise.