Unlikely IPO Boom Reveals Hot Spot in Hunt for Crucial Metals

Indonesia isn’t exactly a stock trading hotbed. No other Southeast Asian country has a smaller market for equities relative to the size of its economy, according to the International Monetary Fund.

So it came as something of a surprise when Indonesia emerged this year as one of the world’s strongest markets for initial public offerings. In a 20-week span alone, companies raised $2.4 billion from first-time stock sales. That’s almost as much as Hong Kong and Singapore combined. Year to date, Indonesia ranks No. 4 globally, trailing only China, the US and the United Arab Emirates.

A Harita Nickel mine on Obi Island in Indonesia’s North Maluku province.

Photographer: Dimas Ardian/Bloomberg

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