Latham & Watkins has advised Merdeka Battery Materials (IDX: MBMA) on its IPO on the Indonesia Stock Exchange (IDX). The listing represents the second-largest Indonesian IPO in 2023 to date.
The IPO, priced at IDR 795 per share, raised IDR 9.2trn (approximately US$620 million) and was well supported by domestic and foreign institutional investors, regional sovereign wealth fund and strategic investors. A total of 11.6 billion new shares were issued representing approximately 10.7% of the total number of shares outstanding.
The Latham team was led by Singapore partner Sharon Lau, with counsel Jeremy Wang, associates Ming Wei Loo and Bijun Huang. Advice was also provided on tax matters by New York partner Jiyeon Lee-Lim, with associate Farrah (Fangyuan) Yan; on 40 Act matters by Chicago partner Laura Ferrell, with associate Jennifer Y. Tian; and on Inflation Reduction Act matters by New York partner Jean-Philippe Brisson, with Los Angeles counsel Michael Dreibelbis and Washington, D.C. associate Jim Lambert.