IPO News | Gold miner MERDEKA GOLD-DRS launches IPO, scheduled to list on June 26; board lot subscription amount is HK$2,686.82

Futu News, June 17:$MERDEKAGOLD-DRS (06228.HK)$An announcement was issued stating that the IPO will run from June 17 to June 23. The company plans a global offering of approximately 89,668,600 depositary receipts and expects to list on June 26.

Company Overview

MGR is a gold mining company listed on the Indonesia Stock Exchange and one of Asia’s leading pure-play gold producers. Anchored by the Pani Gold Mine, which CRU data identifies as Indonesia’s largest primary gold deposit based on resources and reserves, the company expects the mine to rank among Asia’s top two primary gold mines by production by 2030. MGR holds a unique position due to its reserve base supporting future resource potential, one of the world’s lowest average strip ratios, and the ability to rapidly ramp up production to peak levels in a short timeframe.

The Pani Gold Mine employs low-cost open-pit mining operations. The company fully leverages Indonesia’s natural endowments and the mining sector’s pivotal role in national economic development to capitalize on competitive advantages in mine scale, operational efficiency, future growth opportunities, and resource potential.

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.

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.