Harita Nickel opened larger on Wednesday morning, after itemizing on Jakarta’s inventory trade within the nation’s largest preliminary public providing of the yr.

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

The corporate, often known as Trimegah Bangun Persada, raised about $660mn from buyers 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 part in electrical car batteries. Jakarta is pushing to develop an end-to-end electrical car provide chain.