PT Merdeka Gold Resources Tbk, a subsidiary of Indonesian miner PT Merdeka Copper Gold Tbk, made its trading debut on the Hong Kong Stock Exchange (HKEX) on Friday after raising HK$2.39 billion ($304.7 million) in a landmark secondary listing.
The company’s Hong Kong Depositary Receipts (HDRs) opened at the offer price of HK$26.60 ($3.39) apiece and ended the session at HK$24.86, down 6.54% from the IPO price.
The offering comprised 89.67 million HDRs priced at HK$26.60 each. Because the shares sold came from existing shareholders, the proceeds will go to the selling shareholders rather than the company.
The transaction marks several firsts for both Merdeka Gold and Indonesia’s capital market. According to the company, it is the first Indonesian issuer to complete a dual listing on HKEX, the first Hong Kong Depositary Receipt listing in the city in more than a decade, and the first dual listing by an Indonesian company in over 20 years.
“Listing on HKEX is an important milestone for Merdeka Gold Resources while strengthening Indonesia’s presence in the global capital market,” president director Boyke Poerbaya Abidin said in a statement.
“The transaction provides broader access for international investors seeking exposure to one of Indonesia’s most significant gold growth assets and reflects confidence in the quality of the Pani Gold Mine. We believe the listing will broaden our investor base, enhance our global visibility, and support the company’s next phase of growth.”
Investor demand for the offering was robust. The Hong Kong retail tranche was oversubscribed 4.42 times, attracting 22,329 valid applications, while the international placement was covered 7.67 times by 98 institutional investors. Retail demand did not trigger Hong Kong’s clawback mechanism, meaning no shares were reallocated from the international tranche.
Cornerstone investors accounted for nearly half of the deal, subscribing to 44.78 million HDRs, or 49.9% of the offering. Ping An Asset Management emerged as the largest cornerstone investor with 8.84 million HDRs, followed by Wanguo Gold Group, Glencore International, Mercuria Holdings, and Trafigura, each taking up 5.89 million HDRs.
Other cornerstone investors included Intera Mining Investment, GF Fund Management, CNGR Hong Kong Material Science & Technology, Eurus Holdings (ORIX), Wind Sabre Fund, and Dymon Asia Multi-Strategy Investment Master Fund. Most agreed to a six-month lock-up period ending Dec 25.
Several cornerstone investors, including GF Fund, CNGR, Wind Sabre, ORIX, and Dymon Asia, also received additional allocations in the international placement after obtaining the necessary regulatory approvals from HKEX.
The international tranche also included an overallotment of 13.45 million HDRs, which may be covered through the exercise of the greenshoe option or purchases in the secondary market by the stabilising manager.
In its allotment results, the company cautioned that ownership of the listed HDRs is concentrated among a relatively small number of investors, meaning the stock could experience significant price swings even on relatively modest trading volumes.
Following the offering, PT Merdeka Copper Gold remains the controlling shareholder with a 63.3% stake in Merdeka Gold Resources and will remain subject to a lock-up until June 2027. The parent company did not sell any shares in the global offering, meaning the transaction neither diluted existing shareholders nor increased Merdeka Gold’s issued capital.
Instead, the company said the listing was designed to broaden its international investor base while preserving its existing ownership structure.
Listed on the Indonesia Stock Exchange in September 2025, Merdeka Gold owns the Pani Gold Mine in Gorontalo, one of Indonesia’s largest undeveloped primary gold projects. The mine hosts an estimated 7 million ounces of gold resources and has an expected mine life of around 15 years.
The project began early mining activities in October 2025, poured its first gold in February 2026, and completed its first gold sale the following month. Merdeka Gold is developing an initial heap leach operation with an annual processing capacity of 8 million tonnes and plans to commission a carbon-in-leach plant in 2028. The facility is expected to expand capacity to 12 million tonnes a year by 2029 and lift annual gold production to about 545,000 ounces at its peak in 2031.
