IPO Timeline Raw facts
Broker Deadline
Morning deadline
HKEX Deadline
Noon deadline
Broker Results (T-2)
Some brokers release in afternoon
Grey Market (T-1)
Afternoon
HKEX Allotment (T-1)
Evening
Registrar Allotment (T-1)
Evening
Listing Day (T)
First day of trading
Cross-Market Price Comparison
| Other Listed Market | To be extracted |
|---|---|
| Other Market Stock Code | To be extracted |
| H-Share Offer Price | HK$ 26.60 |
| Other Market Price | Loading... |
| Reference Exchange Rate | Loading... |
| H-Share Offer Price Premium/Discount vs Other Market | Loading... |
Company Overview
| Stock Name | Merdekagold-DRS |
|---|---|
| Stock Code | 06228 |
| Company Full Name | PT Merdeka Gold Resources Tbk |
| Industry | Materials |
| Principal Activities | MGR is a gold mining company listed on the Indonesia Stock Exchange and one of the leading pure gold producers in Asia. Underpinned by the Pani Gold Mine, the project is Indonesia's largest primary gold mine and is expected to rank among the top two primary gold mines in Asia in terms of production by 2030. |
| Listing Date | 2026-06-26 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | 18章（礦業公司） |
| Weighted Voting Rights (WVR) | No |
| Registered Address (Mainland China) | To be extracted |
| Business Address (Hong Kong) | 香港銅鑼灣勿地臣街1號時代廣場二座31樓 |
| Place of Incorporation | Indonesia |
| Listing Method | Global Offering |
| Listing Board | Main Board |
| Website | merdekagoldresources.com |
| Share Registrar | 香港中央證券登記有限公司 (Computershare Hong Kong Investor Services Limited) |
| Registrar Contact | 香港中央證券登記有限公司，香港灣仔皇后大道東183號合和中心17樓1712-1716號舖 |
| A-Share/US Dual Listing | Yes (印尼證交所) |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 26.60 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 2,660 |
| Par Value | To be extracted |
| Offer Period | 2026-06-17 to 2026-06-23 |
| Global Offering Shares | 89,668,600 shares |
| HK Public Offer Shares (Initial) | 8,966,900 shares (10.0%) |
| Public Offer Lots (Initial) | 89,669lots (Pool A44,834lots，Pool B44,835lots) |
| International Placing Shares (Initial) | 80,701,700 shares (90.0%) |
| Offer Ratio | ~10.0% |
| Total Shares Post-IPO | 14,731,366,060 shares |
| Greenshoe (Over-allotment Option) | Yes |
| Stabilizing Manager (Greenshoe) | UBS Securities Hong Kong Limited CE BIN466 |
| Cornerstone Share | 49.9% |
| Clawback Tiers | To be extracted |
| Reallocation Option | Yes |
| Total Global Offering Size | HK$ 2,385,184,760 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 2,660 |
| 2 lots | 200 | HK$ 5,320 |
| 3 lots | 300 | HK$ 7,980 |
| 4 lots | 400 | HK$ 10,640 |
| 5 lots | 500 | HK$ 13,300 |
| 6 lots | 600 | HK$ 15,960 |
| 7 lots | 700 | HK$ 18,620 |
| 8 lots | 800 | HK$ 21,280 |
| 9 lots | 900 | HK$ 23,940 |
| 10 lots | 1,000 | HK$ 26,600 |
| 20 lots | 2,000 | HK$ 53,200 |
| 30 lots | 3,000 | HK$ 79,800 |
| 40 lots | 4,000 | HK$ 106,400 |
| 50 lots | 5,000 | HK$ 133,000 |
| 60 lots | 6,000 | HK$ 159,600 |
| 70 lots | 7,000 | HK$ 186,200 |
| 80 lots | 8,000 | HK$ 212,800 |
| 90 lots | 9,000 | HK$ 239,400 |
| 100 lots | 10,000 | HK$ 266,000 |
| 200 lots | 20,000 | HK$ 532,000 |
| 300 lots | 30,000 | HK$ 798,000 |
| 400 lots | 40,000 | HK$ 1,064,000 |
| 500 lots | 50,000 | HK$ 1,330,000 |
| 600 lots | 60,000 | HK$ 1,596,000 |
| 700 lots | 70,000 | HK$ 1,862,000 |
| 800 lots | 80,000 | HK$ 2,128,000 |
| 900 lots | 90,000 | HK$ 2,394,000 |
| 1,000 lots | 100,000 | HK$ 2,660,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 2,000 lots | 200,000 | HK$ 5,320,000 |
| 3,000 lots | 300,000 | HK$ 7,980,000 |
| 4,000 lots | 400,000 | HK$ 10,640,000 |
| 5,000 lots | 500,000 | HK$ 13,300,000 |
| 10,000 lots | 1,000,000 | HK$ 26,600,000 |
| 20,000 lots | 2,000,000 | HK$ 53,200,000 |
| 44,834 lots | 4,483,400 | HK$ 119,258,440 |
Stock Connect Inclusion Analysis
| 26Q4 Regular Review | |
| Inclusion Pathway | Regular Path |
|---|---|
| HK Market Cap | HK$ 373.85B |
| Est. Threshold | HK$ 9.44B |
| Analysis Result | HK market cap met, expected inclusion ~2027-03-08 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 391,854,337,196 |
|---|---|
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (loss-making) |
| Profit/Loss Status | Net loss USD 27.5 million |
| Period-End Cash Balance | USD 45.31 million |
| Listing Expenses | To be extracted |
| Listing Expenses / Funds Raised | To be extracted |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | Loading... |
|---|
Underwriting Syndicate
Joint Sponsors (2)
Sponsor cum Overall Coordinator (1)
CLSA LIMITED CE AAB893
Overall Coordinators (3)
Joint Global Coordinators (5)
Joint Bookrunners (12)
CLSA LIMITED CE AAB893
Morgan Stanley Asia Limited CE AAD291
Morgan Stanley & Co. International plc
香港上海汇丰银行有限公司 CE AAA523
China International Capital Corporation Hong Kong Securities Limited CE AEN894
MACQUARIE CAPITAL LIMITED CE AAC534
DBS ASIA CAPITAL LIMITED CE AAE430
MIZUHO SECURITIES ASIA LIMITED CE AEZ953
法国外贸银行香港分行
OCBC Bank (Hong Kong) Limited CE AAC083
法国兴业银行（于法国注册成立的有限公司）
UOB KAY HIAN (HONG KONG) LIMITED CE AAW261
Joint Lead Managers (12)
CLSA LIMITED CE AAB893
Morgan Stanley Asia Limited CE AAD291
Morgan Stanley & Co. International plc
香港上海汇丰银行有限公司 CE AAA523
China International Capital Corporation Hong Kong Securities Limited CE AEN894
MACQUARIE CAPITAL LIMITED CE AAC534
DBS ASIA CAPITAL LIMITED CE AAE430
MIZUHO SECURITIES ASIA LIMITED CE AEZ953
法国外贸银行香港分行
OCBC Bank (Hong Kong) Limited CE AAC083
法国兴业银行（于法国注册成立的有限公司）
UOB KAY HIAN (HONG KONG) LIMITED CE AAW261
Capital Market Intermediaries (11)
CLSA LIMITED CE AAB893
Morgan Stanley Asia Limited CE AAD291
香港上海汇丰银行有限公司 CE AAA523
China International Capital Corporation Hong Kong Securities Limited CE AEN894
MACQUARIE CAPITAL LIMITED CE AAC534
DBS ASIA CAPITAL LIMITED CE AAE430
MIZUHO SECURITIES ASIA LIMITED CE AEZ953
法国外贸银行香港分行
OCBC Bank (Hong Kong) Limited CE AAC083
法国兴业银行（于法国注册成立的有限公司）
UOB KAY HIAN (HONG KONG) LIMITED CE AAW261
Stabilizing Manager (1)
UBS Securities Hong Kong Limited CE BIN466
Service Providers
| Role | Institution |
|---|---|
| Legal Advisor to Company |
盛信律师事务所 Assegaf Hamzah & Partners |
| Legal Advisor to Sponsors/Underwriters |
瑞生国际律师事务所有限法律责任合伙 Hiswara Bunjamin & Tandjung |
| Auditor and Reporting Accountant | 香港立信德豪会计师事务所有限公司 |
| Industry Advisor | CRU International Limited |
| Compliance Advisor | Somerley Capital Limited CE BAU754 |
| Receiving Banks | 中国银行（香港）有限公司 |
| H Share Registrar | 香港中央证券登记有限公司 |
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | Ping An Asset Management (Hong Kong) Company Limited | 30,000,000 USD | 8,838,200 | 9.86% | 0.60% | 6 months | 2026-12-26 |
| 2 | Wanguo Gold Group Limited | 20,000,000 USD | 5,892,100 | 6.57% | 0.40% | 6 months | 2026-12-26 |
| 3 | Glencore International AG | 20,000,000 USD | 5,892,100 | 6.57% | 0.40% | 6 months | 2026-12-26 |
| 4 | Mercuria Holdings (Singapore) Pte. Ltd. | 20,000,000 USD | 5,892,100 | 6.57% | 0.40% | 6 months | 2026-12-26 |
| 5 | Trafigura Pte. Ltd. | 20,000,000 USD | 5,892,100 | 6.57% | 0.40% | 6 months | 2026-12-26 |
| 6 | Kaiyuan Mining Investment Limited | 10,000,000 USD | 2,946,000 | 3.29% | 0.20% | 6 months | 2026-12-26 |
| 7 | GF Fund Management Co., Ltd. | 10,000,000 USD | 2,946,000 | 3.29% | 0.20% | 6 months | 2026-12-26 |
| 8 | CNGR (Hong Kong) New Material Technology Trading Co., Limited | 7,000,000 USD | 2,062,200 | 2.30% | 0.14% | 6 months | 2026-12-26 |
| 9 | Orix | 5,000,000 USD | 1,473,000 | 1.64% | 0.10% | 6 months | 2026-12-26 |
| 10 | Wind Sabre | 5,000,000 USD | 1,473,000 | 1.64% | 0.10% | 6 months | 2026-12-26 |
| 11 | DAMSIMF | 5,000,000 USD | 1,473,000 | 1.64% | 0.10% | 6 months | 2026-12-26 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | To be extracted | — |
| Company Secretary | To be extracted | — |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | The controlling shareholder MCG holds approximately 63.33% of the issued shares of the Company. |
|---|
