Merdeka’s EMAS IPO Listing Surges 25% on First Day

• EMAS shares surged 25% to Rp3,600 on IDX debut after a 4.62x oversubscribed IPO, raising Rp4.66 trillion.

• Funds will mostly repay debt to MDKA, with the rest for mining projects.

By Kenzie Aryasatya, Fayza Nawra Avanitanya, Muthia Noor Safitri, Imam Fakhri Prayogo Harianto 

September 26, 2025 at 16:30 GMT+7

PT Merdeka Gold Resources Tbk (EMAS) made a strong debut on the Indonesia Stock Exchange, with shares surging 25% to Rp3,600, the maximum daily trading limit (Auto Rejection Atas). The company’s initial public offering (IPO) was oversubscribed 4.62 times, reflecting initial strong market appetite.

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EMAS priced its shares at Rp2,880, and the surge on debut reflected robust market appetite despite the miner still booking losses in its financial performance. 

The rally underlined intense retail and institutional demand for new listings in the gold sector, highlighting the enduring draw of precious metals even in the absence of near-term profitability

EMAS IPO at Indonesia Stock Exchange | Source: MerdekaCopperGold Web

The IPO raised Rp4.66 trillion through the sale of 1.62 billion shares, representing 10% of its enlarged capital. The strong secondary market performance lifted EMAS’s market capitalization beyond its initial valuation at the offer price. 

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According to its prospectus, about Rp658.4 billion of the proceeds will be allocated to fund mining infrastructure projects, while the bulk of Rp3.9 trillion will be used to repay debt to parent company PT Merdeka Copper Gold Tbk (MDKA). Management emphasized that commercial mining and processing operations are expected to begin in 2026, with the IPO proceeds positioning EMAS to strengthen its balance sheet and accelerate project readiness

Management emphasized that commercial mining and processing operations are expected to begin in 2026, with the IPO proceeds positioning EMAS to strengthen its balance sheet and accelerate project readiness

MDKA Mining Location | Source: MerdekaCopperSource Web

Investor enthusiasm reflects growing confidence in Merdeka Group’s gold mining ambitions. EMAS controls resources of 7 million ounces and reserves of 1.9 million ounces, with mine life projected to extend to 2041. 

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Once its facilities are fully operational, the company targets a processing capacity of 19 million tonnes per year by 2033, with peak output estimated at 500,000 ounces annually. 

Backed by Merdeka Group’s track record in the Indonesian mining industry, the company has won strong support from investors, who view EMAS as a long-term growth story despite short-term earnings constraints. Market optimism suggests that investors are willing to overlook early losses in anticipation of future production scale and revenue streams

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Sources:

CNBC