Clifford Chance Advised Joint Lead Underwriters on Harita Nickel's $660 million IPO and Indonesia Listing
Clifford Chance Advised Joint Lead Underwriters on Harita Nickel's $660 million IPO and Indonesia Listing
Clifford Chance, a leading international law firm, advised the 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 PT Trimegah Bangun Persada Tbk's initial public offering and listing on the Indonesia Stock Exchange. Trimegah Bangun Persada, also known as Harita Nickel, is a subsidiary of the Indonesian conglomerate, Harita Group. The listing which raised approximately US $660 million (IDR9.7 trillion), is the largest IPO in Indonesia to date this year.
The team at Clifford Chance was headed by Gareth Deiner and comprised US senior associate Stephanie Juwita Liman, associate Jasmine Wong, and trainees Denzyl Ang and Adam Clifton, all situated in Singapore.
Avrohom Gelber and Sharon Yu, both New York-based partners, provided counsel on the US tax aspects, while Jeffrey LeMaster and Emily Picard, a partner and an associate respectively, advised on the Investment Company Act of the United States.
Local counsel in Indonesia for the underwriters was provided by Ginting & Reksodiputro.
Lead partner Gareth Deiner termed Indonesia as the world's largest nickel reserves, which he stated was a critical input for the electric vehicle and battery industry.
“The quality of the investor base for this IPO – particularly against the backdrop of challenging market conditions – demonstrates the strength of investor confidence in Indonesia's ambitions to develop an end-to-end EV supply chain. We are delighted to have played a role in this landmark offering in Indonesia, which continues to reflect our leadership in advising clients on their energy transition ambitions in Asia Pacific," Gareth Deiner said
Clifford Chance has a history of providing counsel on some of Indonesia's most significant capital market deals, such as PT Avia Avian's $732 million IPO, PT Cisarua Mountain Dairy's $260 million IPO, and the Star Energy Group's dual-tranche $1.1 billion green project bond.
