Markets Magazine
Electric Vehicles Are Fueling This Country’s Green IPO Boom
Indonesia is rich in the resources essential to a shift from fossil fuels.
Inside a Harita Nickel processing plant in Maluku, Indonesia.
Photographer: Dimas Ardian/BloombergThis article is for subscribers only.
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.