Supporting the growth of Indonesia’s EV value chain

Macquarie Capital acted as joint global coordinator, joint bookrunner, domestic underwriter, and international selling agent on Merdeka Battery Materials's IDR9,182 billion (~$US616 million) initial public offering on the Indonesian Stock Exchange.

Swipe for more
Sector Commodities
Sub-sector Metals and Mining
Location Indonesia


Indonesia, Southeast Asia's largest economy, has been ramping up its efforts to become a major player in the global electric vehicle (EV) supply chain by tapping its nickel reserves.1

Nickel is a raw material used in the manufacture of EV batteries and Indonesia has the largest proven reserves in the world.2

Merdeka Battery Materials (PT Merdeka Battery Materials Tbk) (MBM) is a vertically integrated battery materials company in Indonesia with various strategic materials and EV battery value chain assets, including a globally significant nickel mine, profitable rotary kiln-electric furnace (RKEF) facilities and value additive downstream development projects.

Parent company Merdeka Group has committed to aligning its businesses with the relevant Greenhouse Gas (GHG) Nationally Determined Contributions (NDCs) of Indonesia, including a 29 per cent reduction in GHG emission intensity by 2030, and net zero emissions by 2050.3


Macquarie Capital acted as joint global coordinator, joint bookrunner, domestic underwriter, and international selling agent on MBM’s IPO.

Macquarie brought its deep expertise within the critical minerals and energy sector to successfully position and market the company and its growth strategy, achieving a premium valuation.

We successfully executed an extensive investor marketing campaign with institutional investors across Asia, Europe, United States and Australia, enhancing market awareness and understanding of MBM’s equity story. 

Given the global relevance of Indonesia in scaling critical mineral supply to support the transition to EVs, the transaction involved cross-border and cross-team collaboration within Macquarie Capital’s global team, bringing together our critical minerals and energy sector expertise in Singapore and Australia with our execution capabilities in Hong Kong and local sales distribution in Indonesia.  


Merdeka Battery Materials successfully raised IDR9,182 billion (~$US616 million) in its initial public offering on the Indonesian Stock Exchange. 

The listing of a vertically integrated battery materials company of global significance, positions MBM to maximise the value of its portfolio of high-quality assets, providing access to new capital to pursue downstream expansion projects to support the global energy transition and maximise positive economic outcomes in Indonesia .     

Macquarie is part of the private sector finance institutions supporting the Just Energy Transition Platform (JETP) in Indonesia – an international partnership providing investment to accelerate the country’s energy transition in a way that drives sustainable development and economic growth.4

~$US616 million

Successfully raised on the Indonesian Stock Exchange

+11.3 per cent

Share price appreciation on trading debut

~$US5.8 billion

Market capitalisation at offer price

It has been a rewarding experience for Macquarie to work with a strategically significant company in the critical minerals and EV battery value chain, particularly one with such comprehensive commitments to reducing its carbon emissions. 
The transaction represents the largest Indonesian IPO that Macquarie has led, which further strengthens our credibility and capabilities within the Indonesian equity capital market.” 

Jack Yee
Head of Asia Equity Capital Markets
Macquarie Capital

  1. ‘Moving Indonesia: the multi-stakeholder network building Indonesia’s EV production’, World Economic Forum, 21 February 2023,
  2. ‘Like Musk, nickel-rich Indonesia has high electric vehicle ambitions’, Reuters, 6 February 2023,
  3. ‘Merdeka Group Net Zero Statement’, PT Merdeka Battery Materials Tbk, May 2022,
  4. ‘Indonesia and International Partners Secure Groundbreaking Climate Targets and Associated Financing’, The White House, 15 November 2022,

Related insights

No results message:
Displayed when filters returns no results.

We couldn't find any items that match your criteria.

Please reset your filter or adjust your selection.

Service unavailable:
Displayed when filter service cannot be reached.

Sorry, this service is currently unavailable.

Please try again later.