PT Merdeka Battery Materials is exploring a Hong Kong depositary receipt sale to raise capital, following other Indonesian miners seeking international listings. The offering size and timing remain under discussion, with no deal guaranteed. The company, a major nickel producer operating on Sulawesi, has seen shares decline 10.5% this year amid falling metal prices and rising sulfur costs.

Its market cap sits at approximately $3.1 billion. This potential move reflects a broader trend of Indonesian companies pursuing Hong Kong listings as their domestic market faces thin liquidity and weak returns, with the Jakarta Composite Index dropping 23% year-to-date. Earlier this year, PT Merdeka Gold Resources, a sibling company, raised HK$2.4 billion ($306 million) via a similar Hong Kong receipt sale, while PT Amman Mineral Internasional also considers a listing.

The developments highlight Indonesia's push to access global capital markets amid domestic economic challenges.