PT Merdeka Gold Resources Tbk Officially Listed on IDX, Raises Rp4.66 Trillion from IPO
PT Merdeka Gold Resources Tbk (MGR) has officially listed its shares on the Indonesia Stock Exchange (IDX) under the ticker EMAS. On its first trading day, EMAS shares surged 25% to Rp3,600 per share, hitting the upper trading limit (ARA) and reflecting strong market enthusiasm.
In its Initial Public Offering (IPO), MGR issued 1.62 billion new shares—equivalent to 10% of its paid-up capital—at an offering price of Rp2,880 per share, raising Rp4.66 trillion. Net proceeds from the IPO will be allocated to fund working capital for subsidiaries engaged in gold mining and processing, as well as to repay part of MGR’s debt.
MGR manages the Pani Gold Project in Pohuwato Regency, Gorontalo, with estimated resources of 7 million ounces of gold, positioning it as one of Indonesia’s largest primary gold mines. Designed as a low-cost, long-life mine with peak annual production of up to 500,000 ounces, the project is scheduled to commence its first gold pour in the first quarter of 2026.
“Through this IPO, we have strengthened the company’s financial foundation while opening opportunities for the public to be part of MGR’s journey,” said Boyke P. Abidin, President Director of MGR. “This step will support the development of the Pani Gold Project and deliver added value to all stakeholders, including local communities.”
The listing marks an important milestone for MGR and aligns with the long-term growth of its parent company, PT Merdeka Copper Gold Tbk (MDKA). Backed by MDKA’s proven track record in managing mining projects—including the Tujuh Bukit Gold Mine in Banyuwangi, East Java—MGR is well positioned to advance its role in the industry.
In recent years, MDKA has recorded strong revenue and profit growth, driven by diversification into nickel business that involves extracting and processing nickel ore to produce various downstream products, while MGR strengthens the group’s gold mining portfolio and supports its sustainable mining strategy.
MGR obtained an effective statement from Indonesia’s Financial Services Authority (OJK) on 15 September 2025, conducted its public offering on 17–19 September, and was officially listed on the IDX on 23 September 2025. The joint lead underwriters were PT Trimegah Sekuritas Indonesia Tbk, PT Sinarmas Sekuritas, and PT Indo Premier Sekuritas, supported by four additional underwriters: UOB Kay Hian Sekuritas, Aldiracita Sekuritas Indonesia, OCBC Sekuritas Indonesia, and Amantara Sekuritas Indonesia.Â
The listing of EMAS underscores MGR’s position in Indonesia’s gold mining sector and marks the beginning of the sustainable development of the Pani Gold Project.
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