Shares of PT PAM Mineral Tbk (NICL) in their initial trading on the IDX on Friday (9/7) shot 35% to the level of Rp135 and hit the auto rejection (ARA) high limit.

The company held an initial public offering (IPO) by releasing a total of 2 billion shares to the public, equivalent to 20.7% of the issued and fully paid capital at Rp100 per share.

From this corporate action, NICL received fresh funds of Rp200 billion. The company will focus on allocating the proceeds from this IPO to business development.

The company engaged in nickel mineral mining has appointed PT Danatama Makmur Sekuritas as the underwriter.

During the public offering period on July 2-5, 2021, NICL shares received quite positive interest from investors, and all the shares offered were well absorbed, even being oversubscribed up to 48 times.

Along with this public offering of shares, NICL also issued series I warrant free of charge as a sweetener for potential investo