Gold rally drives Merdeka’s Hong Kong IPO plan as HKEX courts global issuers
Indonesian gold miner seeks Hong Kong listing to expand investor base and tap strong global demand for bullion
Indonesian gold miner PT Merdeka Gold Resources has applied for a Hong Kong listing as it seeks to broaden its international investor base, in a move brokers see as a boost to Hong Kong Exchanges and Clearing’s (HKEX) efforts to attract more international companies and diversify its pipeline.
The listing application was intended to “broaden the company’s access to international investors, enhance share liquidity and provide greater flexibility in raising capital to support future growth”, Merdeka said in a statement on Wednesday.
UBS and Citic Securities are the joint sponsors for the initial public offering (IPO) in Hong Kong. The company did not disclose the size or timeline of the offering.
One of Merdeka’s core assets was its Pani Gold Mine in Gorontalo province in Indonesia, which achieved its first gold production in February and its first gold sale this month, the company said.
The Pani Gold Mine covers a tenement area of 135 hectares, making it the largest primary gold mine in Indonesia by resources and is expected to rank among the top two in Asia.
“The submission of our listing application to HKEX represents an important step following our successful IPO on the Indonesia Stock Exchange in September 2025 and the commencement of production at Pani earlier this year,” said Boyke Poerbaya Abidin, president director of Merdeka.