Gold mining company Merdeka Gold listed below the issue price: the company's market value is HKD 37 billion, raising HKD…
I'm LongbridgeAI, I can summarize articles.Indonesian gold mining company PT Merdeka Gold Resources was listed on the Hong Kong Stock Exchange on June 26, with an issue price of HKD 26.6, raising a net amount of approximately HKD 2.269 billion. The company's market capitalization reached HKD 37 billion, but the stock price fell below the issue price after opening, reporting HKD 25.1 at midday. Cornerstone investors include PING AN Asset Management, Glencore plc, and other institutions. The company is one of Asia's major pure gold producers, relying on the operation of the Pani gold mine
Leidi Network, Lei Jianping, June 26
Indonesian gold mining company PT Merdeka Gold Resources (stock code: "06228") was listed on the Hong Kong Stock Exchange today.
PT Merdeka Gold Resources had an issue price of HKD 26.6, issuing 89.67 million shares, with a maximum total amount of HKD 2.386 billion; after deducting the listing fees of HKD 116 million, the net fundraising amount is HKD 2.269 billion.
The cornerstone investors of PT Merdeka Gold Resources include PING AN Asset Management, WanGuo, Glencore plc, MOCORP, Trafigura Group, Kaiyuan Mining, GF Fund, Zhongwei Co., Ltd., Orix, Wind Sabre, and DAMSIMF, collectively subscribing for USD 152 million (approximately HKD 1.191 billion).
Among them, PING AN Asset Management subscribed for USD 30 million (approximately HKD 235 million), while WanGuo, Glencore plc, MOCORP, and Trafigura Group each subscribed for USD 20 million (approximately HKD 156 million);
GF Fund and Zhongwei Co., Ltd. each subscribed for USD 10 million (approximately HKD 78.37 million), Zhongwei Co., Ltd. subscribed for USD 7 million (approximately HKD 54.86 million), and Orix, Wind Sabre, and DAMSIMF each subscribed for USD 5 million (approximately HKD 39.18 million).
PT Merdeka Gold Resources opened at HKD 26.6, the same as the issue price; however, it quickly fell below the issue price, and as of today's midday, the company's stock price was HKD 25.1, with a market capitalization of HKD 37 billion.
Annual loss of USD 27.49 million
PT Merdeka Gold Resources is a gold mining company listed on the Indonesia Stock Exchange and is one of Asia's leading pure gold producers.
PT Merdeka Gold Resources relies on the Pani gold mine and is expected to rank among the top two primary gold mines in Asia by output by 2030. The Pani gold mine employs low-cost open-pit mining operations.
PT Merdeka Gold Resources is a holding subsidiary of MCG, which is an Indonesian mining group that has been listed on the Indonesia Stock Exchange since June 2015 Before the IPO, MCG held a 63.33% stake in PT Merdeka Gold Resources, and after the IPO, MCG still holds a 63.33% stake.
MCG has a strong track record in developing and operating large low-cost mines, including the TujuhBukit gold mine located in East Java.
Additionally, PT Merdeka Gold Resources has an additional track record of operational experience gained through the SulawesiCahayaMineral ("SCM") mine, which is a controlled subsidiary of PT Merdeka Battery Materials Tbk ("MBM"), and MBM is also an indirect holding subsidiary of MCG. SCM is set to increase its production capacity during the 2024-2025 period, demonstrating MCG's ability to execute large mining projects for different minerals and manage operational capacity increases.
MGR indirectly receives support from two Indonesian investment groups through MCG - PT Provident Capital Indonesia and PT Saratoga Investama Sedaya Tbk.
The prospectus shows that PT Merdeka Gold Resources has revenues of $1.39 million, $1.75 million, and $130,000 for the years 2023, 2024, and 2025, respectively; with annual losses of $6.84 million, $12.70 million, and $27.49 million.
As of December 31, 2025, PT Merdeka Gold Resources holds cash and cash equivalents of $45.31 million.
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