PT Anugrah Neo Energy Materials Plans IDR 4.98 Trillion IPO, Aiming to Become Major Player in Nickel Industry
Wed 22 Oct 2025, 07:23 AM
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Indonesia’s nickel industry is once again in the spotlight. Mining and processing company PT Anugrah Neo Energy Materials (ANEM) is reportedly set to go public through an initial public offering (IPO) targeting more than USD 300 million, or around IDR 4.98 trillion.
This strategic move is said to be one of the largest IPOs in Indonesia’s mining sector in recent years. No surprise, as ANEM is developing major projects in electric-vehicle (EV) raw materials, which are booming globally.
According to reports, the IPO debut is planned for December 2025. If realized, the plan would not only strengthen ANEM’s market position but also push Indonesia further toward becoming a key player in the global EV battery supply chain.
IPO Plan with a Striking Valuation
ANEM’s IPO plan first surfaced in a Reuters report on October 22, 2025. Two sources familiar with the process indicated the company’s valuation is expected to exceed USD 2 billion, or about IDR 33.21 trillion.
At that size, the IPO would become one of the most anticipated corporate actions on the Indonesia Stock Exchange this year.
Proceeds are planned for business expansion and development of nickel downstreaming projects, a highly strategic area given the global shift toward clean energy.
Support from International Banks
ANEM has engaged two major financial institutions, DBS Bank Ltd and RHB Bank, as underwriters.
This underscores the company’s seriousness in preparing a transparent and credible IPO process. Even so, neither ANEM nor the banks have issued official statements detailing the offering.
Mining Operations and Major Projects in Sulawesi
ANEM currently operates two laterite nickel mines in Central Sulawesi:
*TAS (Morowali): Resource of more than 200 million tons
*MDK (Ampana): Concession area of more than 10,800 hectares
These mines are the backbone of the company’s operations. Beyond mining, ANEM is building a low-carbon HPAL (High Pressure Acid Leach) smelter to produce Mixed Hydroxide Precipitate (MHP), a key material for EV batteries.
The smelter will be integrated with two supporting industrial parks, creating a strong and efficient nickel downstream ecosystem.
Strategic Project for Indonesia’s Nickel Revolution
In September 2024, ANEM broke ground on its HPAL project at the Neo Energy Industrial Park in Morowali. This is positioned as a pivotal step in modernizing Indonesia’s nickel processing industry.
By using renewable energy in production, ANEM aims to be a pioneer of environmentally friendly nickel in Indonesia.
“Our decision to fully adopt renewable energy is part of our dedication to a more sustainable future. We are proud to take this important step in Indonesia’s energy transition, especially in a critical industry like nickel production,” said Joseph Hong, President Commissioner of ANEM.
Driving Indonesia Toward Global Leadership
ANEM’s HPAL smelter is expected to start operating within the next two years. At full operation, the project will:
* Strengthen Indonesia’s position as a leading supplier of low-carbon nickel
* Meet surging global demand for EV battery materials
* Support the growth of the national green economy
Joseph Hong added that the project represents ANEM’s tangible contribution to the global energy transition while elevating Indonesia’s role in the EV industry.
“Our project will meet rising global demand for nickel, especially in the fast-growing EV market. We are excited to contribute to Indonesia’s green economy and enhance the country’s global standing,” he said.
Why ANEM’s IPO Is Drawing Big Attention
Several factors explain the intense interest from markets and industry:
1. Large project scale: Significant investment and expansion in nickel downstreaming
2. Global clean-energy tailwinds: Soaring demand for EV battery nickel
3. High valuation: Above USD 2 billion, among the largest mining IPOs in Indonesia
4. Right momentum: EV adoption is accelerating worldwide
5. International bank support: A positive signal for investors
Conclusion: A New Chapter for Indonesia’s Nickel
ANEM’s planned IPO is more than a routine corporate exercise. It is part of Indonesia’s broader roadmap to advance resource downstreaming and become a major player in the global green economy.
With ambitious projects and broad support, ANEM has a strong opportunity to help elevate Indonesia’s nickel industry to the next level.
For investors and market participants, this IPO bears watching, not only for its standout valuation but also for its strategic role in the global energy transition.
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