Tesla Supplier Said to Mull Indonesia Battery Metal Unit IPO (1)

Chinese battery metals producer CNGR Advanced Material Co. is weighing an initial public offering of Indonesian assets as soon as the end of 2024, according to people familiar with the matter.

The Shenzhen-listed company is in talks with potential financial advisers for a Jakarta IPO that could raise at least $300 million, or as much as $500 million if the market is favorable, the people said. CNGR is in the process of preparing the Indonesian unit — which will include its smelter assets in the country — for listing, one of the people said, asking not to be identified as ...