Merdeka Gold (EMAS) Shares Hold IPO, Targeting Funds of Up to IDR 4.88 Trillion

The Indonesian capital market welcomes a new player. PT Merdeka Gold Resources Tbk (EMAS) EMAS stocks shares officially announced plans for an initial public offering (IPO). With a target of raising up to Rp 4.88 trillion.

In this corporate action, EMAS Stocks will release 1.61 billion shares Equivalent. To 10% of its issued and fully paid-up capital. The offering price range is between Rp 1,800 and Rp 3,020 per share.

Details of EMAS Initial Public Offering (IPO)

• Number of shares offered: 1,61 billion (10%)

• Bid price: Rp 1.800–Rp 3.020

• Funding target: Rp 2,91 trillion – Rp 4,88 trillion

• Underwriter: Indo Premier Sekuritas, Trimegah Sekuritas (TRIM), dan Sinarmas Sekuritas

The important schedule for EMAS IPO has also been set. The book building period will take place on September 8-10, 2025. With allotment on September 19, and EMAS shares will be officially listed on the Indonesia Stock Exchange (IDX) on September 23, 2025.

Ownership Structure

As a subsidiary of PT Merdeka Copper Gold Tbk (MDKA), EMAS remains under the control of its parent company, which holds 62.73% of its shares. In addition to MDKA. EMAS Stocks major shareholders include:

• Garibaldi Thohir: 6,21%

• Winarto Kartono: 9,29%

• Hardi Wijaya Liong: 3,98%

• Saktu Wahyu Trenggono: 0,54%

• Edi Permadi: 1,34%

• KUD Dharma Tani: 0,50%

IPO Proceeds Allocation Plan

According to the prospectus. EMAS holder will fresh funds. From the IPO will be used. To strengthen the financial structure and support business expansion. Including:

• US$ 20 juta (Rp 328,4 miliar) as an initial capital deposit to PT Pani Bersama Tambang (PBT) for operational working capital (purchase of raw materials, electricity costs, and labor).

• US$ 20 juta (Rp 328,4 miliar) as a loan to PETS for working capital needs

• The remainder will be. Used to pay off part of the debt early. To Merdeka Copper Gold (MDKA). Based on a debt agreement worth US$ 260 million (Rp 4.26 trillion) as of September 3, 2025.

Positive Signals in the Gold Sector

The listing of EMAS on the stock exchange is considered to bring a new dimension to the gold mining sector in Indonesia. With global gold prices tending to remain stable at high levels, this IPO has the potential to attract investors looking for instruments with long-term prospects.

Gold Investment: Hedge Against Uncertainty

Gold is known as a relatively stable safe haven asset. During times of economic and geopolitical turmoil. With the emergence of new gold issuers on the stock exchange. Investors now have the option to invest in gold. Not only through physical instruments. But also through stocks that have the potential to provide dividends.

“This gold stock IPO is very attractive because it gives investors the opportunity. To earn capital gains while gaining exposure to a crisis-resistant commodity sector,” said capital market analyst Sinta Rahma.

Bright Prospects Ahead

Given the upward trend in global gold prices and Indonesia’s vast gold reserves, many believe that this gold stock IPO will be a key to profitable investment diversification.