The offer, if successful, will make Nickel Mines the second-largest ASX IPO of the year after Jupiter Mines raised $240 million in April.
Nickel Mines is offering 571.4 million shares at 35c per share to raise at least $200 million.
Bell Potter Securities is acting as lead manager with Canaccord Genuity as co-lead manager.
Sydney-based Nickel Mines was formed in 2007 by Norm Seckold and Peter Nightingale and holds 80% of the Hengjaya nickel mine in Sulawesi.
Local Indonesian partner the Wijoyo family owns the other 20% of the project.
Hengjaya has been in production since late 2015, supplying up to 60,000 tonnes per annum of ore grading more than 1.8% nickel.
The project has a resource of 57.7 million wet tonnes at 1.81% nickel.