Kelastambang: PT Merdeka Gold Resources Tbk (IDX: EMAS), a subsidiary of PT Merdeka Copper Gold Tbk, officially listed its shares on the Indonesia Stock Exchange (IDX) today following an initial public offering that raised Rp4.66 trillion, according to the company’s official statement.
The IPO saw EMAS offering 1.62 billion new shares, equivalent to 10% of its enlarged capital, at a price of Rp2,880 per share. The company plans to allocate the proceeds, net of issuance costs, to fund working capital for its subsidiaries’ operations in gold mining and processing, as well as for partial debt repayment.
PT Merdeka Gold Resources Tbk is currently developing the Pani Gold Project in Pohuwato Regency, Gorontalo Province, which holds an estimated 7 million ounces of gold resources. Designed as a long-life, low-cost open-pit mine, the project targets peak production of 500,000 ounces per year and is scheduled to commence first gold output in Q1 2026.
“This initial share listing is not only a historic milestone in the company’s journey but also a manifestation of our commitment to long-term growth,” said Boyke Poerbaya Abidin, President Director of PT Merdeka Gold Resources Tbk. “Through this IPO, we are strengthening the company’s financial foundation while opening opportunities for the public to become part of MGR’s journey. We believe this step will support the development of the Pani Gold Project and deliver added value to all stakeholders, including communities in our operational areas”.
“We deeply appreciate the tremendous enthusiasm from the public to participate in our market debut, resulting in our IPO being fully absorbed by the market. This reflects public optimism and confidence in the gold mining business, which continues to show strong growth trends. We are committed to conducting responsible mining based on Good Mining Practices (GMP) and Environmental, Social, and Governance (ESG) principles, while delivering added value to all stakeholders and contributing to Indonesia’s economic growth,” Boyke added.
Listed under the ticker EMAS on IDX’s Development Board, the company joins the basic materials sector, specifically under gold mining. With over 16.18 billion shares listed, EMAS achieves a market capitalization of approximately Rp46.6 trillion. The offering was underwritten by a syndicate of seven securities firms led by PT Trimegah Sekuritas Indonesia Tbk, PT Sinarmas Sekuritas, and PT Indo Premier Sekuritas.
Merdeka Copper Gold’s strategic backing and experience — including the successful operation of the Tujuh Bukit Gold Mine in East Java — reinforces EMAS’s positioning as one of Indonesia’s most promising new gold producers. The parent company’s diversified asset base, including copper and nickel operations, positions the group to meet rising global demand for critical minerals in energy transition supply chains.