Witara Cakra Advocates has advised Indonesian nickel company Trimegah Bangun Persada, also known as Harita Nickel, on its 10-trillion-rupiah ($669.79 million) IPO on the Indonesian Stock Exchange, with Clifford Chance and Ginting & Reksodiputro acting for the underwriters.

This is the largest IPO in Indonesia so far this year. BNP Paribas and Citigroup were among the underwriters.

Harita Nickel is in its partnership with China's Lygend Resources, and currently operates a high-pressure acid leach plant in Indonesia's eastern Obi Island, with an output capacity of 55,000 tonnes of mixed hydroxide precipitate (MHP). It has subsidiaries that operate ferronickel smelters with a combined total capacity of 305,000 tonnes per year, Reuters reported.

With the proceeds, Harita plans an investment to add 12 more lines to produce ferronickel and three more lines for MHP, Reuters added. Nickel is in high demand as a material used in batteries for electric vehicles.

The Clifford Chance team was led by partners Gareth Deiner, Avrohom Gelber and Jefferey LeMaster.