Merdeka Gold Resources Tbk PT (Ticker: EMAS IJ) is an Indonesia-based gold mining company and a subsidiary of Merdeka Copper Gold. The company plans to list on the Indonesia Stock Exchange on September 23, 2025, offering 1.62 billion common shares at IDR 2,880 (USD 0.1765) each. The IPO is expected to raise IDR 4.66 trillion (USD 285.6 million), implying a market capitalization of approximately USD 2.86 billion at offer. Proceeds will primarily be used to pay down debt, strengthen the balance sheet, and fund development of the Pani Gold Project in Sulawesi, which is projected to begin processing by late 2025 and achieve commercial production in early 2026. The deal, Indonesia’s largest IPO of the year, is fully primary shares, with no secondary component or greenshoe option. Indo Premier Securities, Sinarmas Securities, and Trimegah Securities are acting as underwriters.