Indonesia's Merdeka Battery set to raise as much as $586m in IPO

Indonesia's Merdeka Battery set to raise as much as $586m in IPO

Indonesian currency Rupiah on hold by a cashier. Photo: Reuters

Indonesian nickel firm PT Merdeka Battery Materials plans to price its shares at 795 rupiah each, at the top of the range for its initial public offering (IPO) to raise 8.75 trillion rupiah ($586.46 million), according to two sources with direct knowledge of the matter.