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wrote a column · Jun 26 08:30

IPO Pricing | MERDEKAGOLD-DRS listed today, received 4.42x subscription, priced at HK$26.6 per share, with a 100% allotment rate for one board lot.

Futu News, June 26:$MERDEKAGOLD-DRS (06228.HK)$Allotment results announced: priced at HK$26.6 per share, with a total of 89,668,600 shares issued, board lot size of 100 shares, officially listed today.
During the public offering phase, MERDEKAGOLD-DRS received 4.42x subscription. The final number of shares allocated to the public offering was 8,966,900 shares, representing approximately 10% of the total offering. A total of approximately 22,329 valid applications were received, and all were processed. Applicants who applied for one board lot received a 100% allotment of the shares they applied for.
Additionally, during the international placement phase, MERDEKAGOLD-DRS received 7.67x subscription. The final number of shares allocated to the international offering was 80,701,700 shares, equivalent to 90% of the total offering. Futu compiled the relevant data in the table below:
Futu News, June 26:$MERDEKAGOLD-DRS (06228.HK)$Allotment results announced: priced at HK$26.6 per share, with a total of 89,668,600 shares issued, board lot size of 100 shares, officially listed today. During the public offering phase, MERDEKAGOLD-DRS received 4.42x subscription. The final number of shares allocated to the public offering was 8,966,900 shares, representing approximately 10% of the total offering. A total of approximately 22,329 valid applications were received, and all were processed. Applicants who applied for one board lot received a 100% allotment of the shares they applied for. Additionally, during the international placement phase, MERDEKAGOLD-DRS received 7.67x subscription. The final number of shares allocated to the international offering was 80,701,700 shares, equivalent to 90% of the total offering. Futu compiled the relevant data in the table below: Company Overview MGR is a gold mining company listed on the Indonesia Stock Exchange and one of Asia's leading pure-play gold producers. The Pani Gold Mine has already achieved first production in February 2026 and first sales in March 2026, with profitability expected in the same year and a target to become one of Asia’s top two primary gold mines by 2030. MGR holds a unique position due to its resource base underpinning future potential, among the world’s lowest average strip ratios, and rapid ramp-up capability to reach peak production in a short timeframe...
Futu News, June 26:$MERDEKAGOLD-DRS (06228.HK)$Allotment results announced: priced at HK$26.6 per share, with a total of 89,668,600 shares issued, board lot size of 100 shares, officially listed today. During the public offering phase, MERDEKAGOLD-DRS received 4.42x subscription. The final number of shares allocated to the public offering was 8,966,900 shares, representing approximately 10% of the total offering. A total of approximately 22,329 valid applications were received, and all were processed. Applicants who applied for one board lot received a 100% allotment of the shares they applied for. Additionally, during the international placement phase, MERDEKAGOLD-DRS received 7.67x subscription. The final number of shares allocated to the international offering was 80,701,700 shares, equivalent to 90% of the total offering. Futu compiled the relevant data in the table below: Company Overview MGR is a gold mining company listed on the Indonesia Stock Exchange and one of Asia's leading pure-play gold producers. The Pani Gold Mine has already achieved first production in February 2026 and first sales in March 2026, with profitability expected in the same year and a target to become one of Asia’s top two primary gold mines by 2030. MGR holds a unique position due to its resource base underpinning future potential, among the world’s lowest average strip ratios, and rapid ramp-up capability to reach peak production in a short timeframe...
Company Overview
MGR is a gold mining company listed on the Indonesia Stock Exchange and one of Asia's leading pure-play gold producers. The Pani Gold Mine has already achieved first production in February 2026 and first sales in March 2026, with profitability expected in the same year and a target to become one of Asia’s top two primary gold mines by 2030. MGR holds a unique position due to its resource base underpinning future potential, among the world’s lowest average strip ratios, and rapid ramp-up capability to reach peak production in a short timeframe.
Hong Kong welcomes its first HDR listing in 12 years—a historic debut as the first Hong Kong Depositary Receipt (HDR) issued via a combined public offering and international placement structure, effectively addressing the longstanding liquidity constraints that previously plagued HDR listings. Existing gold mining companies listed in Hong Kong have minimal exposure to Indonesian and Southeast Asian assets, making MGR the sole pure-play Indonesian gold asset on the Hong Kong exchange and filling a critical gap in market portfolio allocation.
Its flagship asset, the Pani Gold Mine, is Indonesia’s largest and among Asia’s top five primary gold mines—offering clear, single-asset focus and scarcity value. The Pani mine boasts a stripping ratio of just 0.7:1, among the lowest globally, presenting significant upside potential. The parent company, Indonesian mining giant MCG (IDX:MDKA), holds a 63.33% stake, which will remain unchanged post-listing—demonstrating strong confidence. Additionally, MGR has secured long-term backing from two of Indonesia’s premier investment groups, Provident Capital and Saratoga.
Financial Summary
The company’s revenue for 2023, 2024, and 2025 was USD 1.4 million, USD 1.8 million, and USD 0.1 million, respectively. Gross profit increased by 20.0% from USD 0.5 million in 2023 to USD 0.6 million in 2024. Gross margin decreased slightly from 32.9% in 2023 to 32.6% in 2024.
Futu News, June 26:$MERDEKAGOLD-DRS (06228.HK)$Allotment results announced: priced at HK$26.6 per share, with a total of 89,668,600 shares issued, board lot size of 100 shares, officially listed today. During the public offering phase, MERDEKAGOLD-DRS received 4.42x subscription. The final number of shares allocated to the public offering was 8,966,900 shares, representing approximately 10% of the total offering. A total of approximately 22,329 valid applications were received, and all were processed. Applicants who applied for one board lot received a 100% allotment of the shares they applied for. Additionally, during the international placement phase, MERDEKAGOLD-DRS received 7.67x subscription. The final number of shares allocated to the international offering was 80,701,700 shares, equivalent to 90% of the total offering. Futu compiled the relevant data in the table below: Company Overview MGR is a gold mining company listed on the Indonesia Stock Exchange and one of Asia's leading pure-play gold producers. The Pani Gold Mine has already achieved first production in February 2026 and first sales in March 2026, with profitability expected in the same year and a target to become one of Asia’s top two primary gold mines by 2030. MGR holds a unique position due to its resource base underpinning future potential, among the world’s lowest average strip ratios, and rapid ramp-up capability to reach peak production in a short timeframe...
Cornerstone Investor Lineup
Global commodity trading giants Glencore, Trafigura, and Mercuria have all increased their stakes, joined by Chinese institutional and industrial investors including Ping An Asset Management, GF Fund Management, and CNGR Advanced Material. Eleven cornerstone investors have committed USD 152 million, representing 49.9% of the total offering size—hitting the allocation cap.
Use of Proceeds
With respect to the use of proceeds, MerdekaGold-DRS will not receive any net proceeds from the global offering. The selling shareholders will receive all net proceeds from the global offering.
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Futu News, June 26:$MERDEKAGOLD-DRS (06228.HK)$Allotment results announced: priced at HK$26.6 per share, with a total of 89,668,600 shares issued, board lot size of 100 shares, officially listed today. During the public offering phase, MERDEKAGOLD-DRS received 4.42x subscription. The final number of shares allocated to the public offering was 8,966,900 shares, representing approximately 10% of the total offering. A total of approximately 22,329 valid applications were received, and all were processed. Applicants who applied for one board lot received a 100% allotment of the shares they applied for. Additionally, during the international placement phase, MERDEKAGOLD-DRS received 7.67x subscription. The final number of shares allocated to the international offering was 80,701,700 shares, equivalent to 90% of the total offering. Futu compiled the relevant data in the table below: Company Overview MGR is a gold mining company listed on the Indonesia Stock Exchange and one of Asia's leading pure-play gold producers. The Pani Gold Mine has already achieved first production in February 2026 and first sales in March 2026, with profitability expected in the same year and a target to become one of Asia’s top two primary gold mines by 2030. MGR holds a unique position due to its resource base underpinning future potential, among the world’s lowest average strip ratios, and rapid ramp-up capability to reach peak production in a short timeframe...
Editor/Vincent
Risk Disclaimer: The above content only represents the author's view. It does not represent any position or investment advice of Futu. Futu makes no representation or warranty.Read more
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