Harita Nickel opened increased on Wednesday morning, after itemizing on Jakarta’s inventory alternate within the nation’s greatest preliminary public providing of the yr.

The inventory opened at Rp1,285 ($0.09), 2.8 per cent increased than its IPO worth. It later pared positive factors to be up about 0.8 per cent.

The corporate, often known as Trimegah Bangun Persada, raised about $660mn from traders together with Swiss commodities dealer Glencore and Asian sovereign wealth funds in Indonesia’s largest preliminary public providing to this point this yr.

Nickel is a vital element in electrical automobile batteries. Jakarta is pushing to develop an end-to-end electrical automobile provide chain.