Woori Investment Securities served as the sole lead manager for fundraising by Ecopro's local unit in Indonesia. It is expanding corporate finance deals related to the secondary battery supply chain on the back of strengthened capital.

Woori Investment Securities said on Wednesday it was the sole lead manager for a 120 billion won fundraising by Ecopro's Indonesian unit Green Eco Nickel (PT. Green Eco Nickel).

Early last month, Woori Investment Securities carried out a 1 trillion won capital increase. The company said the fundraising mandate was a large corporate finance transaction executed on the basis of stronger capital after the capital increase.

Ecopro plans to use the funds raised to expand equipment infrastructure at refining facilities in Indonesia. It aims to diversify a nickel supply chain that had high dependence on China and strengthen a vertically integrated structure from nickel to precursor to cathode material.

The fundraising provided funds needed to strengthen the local business base in Indonesia as global supply chains are reshaped and uncertainty over raw material procurement continues, it said.

A Woori Investment Securities official said, "This fundraising mandate was carried out to help domestic companies strengthen industrial competitiveness in the global market." The official added, "We will continue to focus the capabilities of our investment banking division so that funds can be smoothly supplied to future industries such as secondary batteries and renewable energy."