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 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.
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.”
Head of Asia Equity Capital Markets