Clifford Chance

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

Leading international law firm Clifford Chance has advised the joint lead underwriters BNP Paribas, Citigroup, Credit Suisse and Mandiri Sekuritas, and underwriters DBS, OCBC and UOB Kay Hian on the U.S. and international aspects of PT Trimegah Bangun Persada Tbk's initial public offering and listing on the Indonesia Stock Exchange (IDX). Trimegah Bangun Persada, also known as Harita Nickel, is a subsidiary of 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 Clifford Chance team was led by partner Gareth Deiner and consisted of U.S. 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 the US tax aspects, while partner Jefferey LeMaster and associate Emily Picard provided advice on United States Investment Company Act aspects. Ginting & Reksodiputro acted as Indonesian local counsel for the underwriters.

Lead partner Gareth Deiner said, "Indonesia has the world's largest nickel reserves, which is 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 on this landmark 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 market transactions, including PT Avia Avian's US$732 million IPO, PT Cisarua Mountain Dairy's US$260 million IPO and the Star Energy Group's dual tranche US$1.1 billion green project bond.