In today’s briefing:
- Harita Nickel IPO – The Negatives – Reliant on JVs and with Lygend Group. Market Is About to Shift
- Harita Nickel IPO: The Bull Case
- Auto Dealer Financing Startup Broom Bags US$10M to Diversify Product Offerings
Harita Nickel IPO – The Negatives – Reliant on JVs and with Lygend Group. Market Is About to Shift
- PT Trimegah Bangun Persada Tbk (Harita Nickel) (2230010D IJ) is looking to raise about US$650m in its Indonesian IPO.
- PT Trimegah Bangun Persada Tbk (Harita Nickel, HN) is a vertically integrated pure-play nickel company operating on Obi Island, Indonesia.
- In this note, we will talk about the not so positive aspects of the deal.
Harita Nickel IPO: The Bull Case
- PT Trimegah Bangun Persada Tbk (Harita Nickel) (2230010D IJ), an Indonesian nickel play, has launched an IDX IPO to raise US$650 million. Book building ends on 21 March.
- Harita is expected to become Indonesia’s largest pure nickel producer based on volume expectations of Harita’s nickel mining production in 2022.
- The key elements of the bull case rest on good underlying revenue growth, near-term capacity expansion, high profitability, capex nearing the peak and manageable leverage.
Auto Dealer Financing Startup Broom Bags US$10M to Diversify Product Offerings
- Broom, an all-in-one automotive SME solutions startup in Indonesia, has secured US$10 million in a pre-Series A funding round
Jakarta-headquartered Broom will use the money to diversify its product offerings and further accelerate dealer inventory turnover.
Established in 2021, Broom provides an end-to-end financial solution for auto dealer inventories.
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