Indonesia is witnessing a boom in initial public offerings as the country pushes to transform itself into an electric vehicle hub by capitalizing on its abundance of minerals essential to making batteries for EVs.
In the process, it is overshadowing traditionally strong performers like Hong Kong and Japan, netting the title of one of the world’s hottest IPO markets in 2023.
Also capitalizing on its rapidly growing economy and young population, Indonesia has been growing in profile in recent years. The nation’s foreign direct investment amounted to around $45.6 billion in 2022, up 44.2% year on year, according to government figures.