Anugrah Neo Energy Materials, a company involved in nickel mining and processing, is preparing to raise over $300mn through an initial public offering on the Indonesia Stock Exchange in December. The transaction aims to support the development of industrial infrastructure and production capacity linked to the global electric vehicle battery market.
The company currently operates two nickel mines located in Ampana and Central Sulawesi province. It plans to allocate the raised funds towards a low-carbon High Pressure Acid Leach (HPAL) plant and two industrial estates. These investments will allow for increased production of Mixed Hydroxide Precipitate (MHP), a key input in lithium-ion battery manufacturing.
Valuation expected above $2bn
With this IPO, Anugrah Neo Energy Materials is targeting a valuation exceeding $2bn, according to sources familiar with the matter. The company is backed by DBS Group Holdings Ltd. and RHB Bank Berhad as financial advisers, signalling institutional investor interest in the critical materials sector in Southeast Asia.
Indonesia is currently the world’s leading nickel producer, a metal in strong demand due to accelerating electrification in the transport sector. Anugrah Neo Energy’s listing aligns with the government’s broader strategy to strengthen domestic value chains for electric vehicles and attract foreign capital to the processing industry.
A driver for local industrialisation
Indonesian authorities are encouraging companies to invest in domestic processing of raw minerals to reduce reliance on unrefined exports. The development of industrial capacity, such as that proposed by Anugrah Neo Energy, supports this strategic direction by increasing national added value.
The global electric vehicle market is experiencing steady growth, with the International Energy Agency forecasting a 21% rise in global EV sales in 2025. This trend supports nickel prices and underpins expansion plans in the country.
Strategic positioning in the global chain
Anugrah Neo Energy’s planned IPO could offer investors direct access to the battery material supply chain, as automakers seek to secure regional sources of strategic components. This positioning further reinforces Indonesia’s role as a central player in energy-sector industrialisation in Southeast Asia.
The listing scheduled for December comes as the government seeks to capture more domestic economic returns from the country’s mining resources. According to industry forecasts, Indonesia’s battery-grade nickel sector could see sustained growth over the next five years.
