PT Merdeka Gold Resources plans to raise 4.7 trillion rupiah (US$284 million) in what could be Indonesia’s largest IPO of 2025.

The gold miner will offer 1.6 billion shares, representing a 10% stake, at 2,880 rupiah per share, near the top of its marketed price range.

The company, a unit of Jakarta-listed PT Merdeka Copper Gold, will use the funds for working capital and loan repayments.

Merdeka is developing a gold mine in Sulawesi and aims to produce about 140,000 ounces per year in its initial phase, according to its website.

The IPO comes as gold prices reach new highs, and Indonesia’s IPO market faces a potential second year of decline, according to data compiled by Bloomberg.

PT Merdeka Copper Gold’s shares have climbed over 56% year-to-date.

🔗 Source: Bloomberg