APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Merdeka Gold Resources / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/merdeka-gold-resources-tbk-pt" target="_blank" data-smartkarma-citation="entities:45816:1" rel="noopener">Merdeka Gold Resources (EMAS IJ)</a> is looking to raise around US$500m in its upcoming Hong Kong IPO.</li>
<li>It is an IDX-listed gold mining company, positioned among the top pure-play gold producers in Asia, anchored by its flagship Pani Gold Mine located in Indonesia. </li>
<li>In this note, we look at the firm's past performance.</li>
</ul>



Merdeka Gold Resources (EMAS IJ) is looking to raise around US$500m in its upcoming Hong Kong IPO.
It is an IDX-listed gold mining company, positioned among the top pure-play gold producers in Asia, anchored by its flagship Pani Gold Mine located in Indonesia. 
In this note, we look at the firm's past performance.


Aequitas: Merdeka Gold Pre-IPO - One of the Largest Asian Gold Producers; Achieved First Gold Sale

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-Indonesia in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Bank Mandiri, Merdeka Copper Gold, Gudang Garam, Medco Energi Internasional, Astra International, Telkom Indonesia.</li>
</ul>


We analysed the earning revision of component stocks of MS-Indonesia in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Bank Mandiri, Merdeka Copper Gold, Gudang Garam, Medco Energi Internasional, Astra International, Telkom Indonesia.


MS-Indonesia Index Earning Revision (Feb): Bank Mandiri, Merdeka Copper Gold, Gudang Garam

<ul>
<li>We analysed the earning revision of component stocks of MS-Indonesia in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on XL Axiata, Telkom Indonesia (Persero), Vale Indonesia, Bank Mandiri Persero, Astra International, Sariguna Primatirta, Aneka Tambang Persero.</li>
</ul>


We analysed the earning revision of component stocks of MS-Indonesia in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on XL Axiata, Telkom Indonesia (Persero), Vale Indonesia, Bank Mandiri Persero, Astra International, Sariguna Primatirta, Aneka Tambang Persero.


MS-Indonesia Index Earning Revision (Jan): XL Axiata, Telkom Indonesia, Vale Indonesia

<ul>
<li>We analysed the earning revision of component stocks of MS-Indonesia in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Indo Tambangraya Megah, Bumi Resources Minerals, Bank Mandiri Persero, Astra International, PT Indofood Sukses Makmur, Indah Kiat Pulp &amp; Paper, XL Axiata.</li>
</ul>


We analysed the earning revision of component stocks of MS-Indonesia in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Indo Tambangraya Megah, Bumi Resources Minerals, Bank Mandiri Persero, Astra International, PT Indofood Sukses Makmur, Indah Kiat Pulp &amp; Paper, XL Axiata.


MS-Indonesia Index Earning Revision (Dec): Indo Tambangraya Megah, Bumi Resources Minerals

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

Merdeka Gold Resources / Equity Bottom-Up

<ul>
<li>Largest IPO 2025: EMAS IJ raised ~USD 281m, 4.6× oversubscribed, spun off from MDKA to fund Sulawesi’s Pani Gold Project.</li>
<li>Asset Scale: Pani holds 1.9 Moz reserves, 7 Moz resources; production to ramp from 145 koz (2026) to ~500 koz (2032).</li>
<li>Valuation &amp; Risks: IPO EV ~USD 3.2 bn; ~8–9× EV/EBITDA during 2026–29 heap leach, falling to ~2–3× at 2032 steady-state; execution, funding risks remain.</li>
</ul>


Largest IPO 2025: EMAS IJ raised ~USD 281m, 4.6× oversubscribed, spun off from MDKA to fund Sulawesi’s Pani Gold Project.
Asset Scale: Pani holds 1.9 Moz reserves, 7 Moz resources; production to ramp from 145 koz (2026) to ~500 koz (2032).
Valuation &amp; Risks: IPO EV ~USD 3.2 bn; ~8–9× EV/EBITDA during 2026–29 heap leach, falling to ~2–3× at 2032 steady-state; execution, funding risks remain.


Merdeka Gold Resources (EMAS IJ): Indonesia’s Largest IPO of 2025

Indonesia

PT Merdeka Copper Gold Tbk is an Indonesian metal and mineral mining holding company that explores, extracts, and produces gold, silver, copper, and other related minerals. The company operates the Tujuh Bukit Gold Mine, Wetar Copper Mine, and is developing the Pani Gold Mine and Tujuh Bukit Copper Project, along with Merdeka Battery Materials for nickel production. It was founded in 2012 and is headquartered in Jakarta, Indonesia.

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Merdeka Copper Gold (MDKA IJ)

Aequitas: Merdeka Gold Pre-IPO - One of the Largest Asian Gold Producers; Achieved First Gold Sale

Merdeka Gold is looking to raise around US$500m in its upcoming Hong Kong IPO. In this note, we look at the firm's past performance.

Nicholas Tan

MS-Indonesia Index Earning Revision (Feb): Bank Mandiri, Merdeka Copper Gold, Gudang Garam

We analyzed MS-Indonesia's consensus for Feb 2026 and highlighted changes of EPS in Bank Mandiri, Merdeka Copper Gold, Gudang Garam, Medco Energi...

Ke Yan, CFA, FRM

MS-Indonesia Index Earning Revision (Jan): XL Axiata, Telkom Indonesia, Vale Indonesia

We analyzed MS-Indonesia's consensus for Jan 2026 and highlighted changes of EPS in XL Axiata (EXCL IJ), Telkom Indonesia (Persero) (TLKM IJ), Vale...

Ke Yan, CFA, FRM

MS-Indonesia Index Earning Revision (Dec): Indo Tambangraya Megah, Bumi Resources Minerals

We analyzed MS-Indonesia's consensus for Dec 2025 and highlighted changes of EPS in Indo Tambangraya Megah (ITMG IJ), Bumi Resources Minerals (BRMS...

Ke Yan, CFA, FRM

Merdeka Gold Resources (EMAS IJ): Indonesia’s Largest IPO of 2025

EMAS IJ's successful IPO raised $281m to fund Sulawesi's Pani Gold Project, with production expected to ramp up to 500 koz by 2032. Valuation at...

Rahul Jain

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: Merdeka Gold Pre-IPO - One of the Largest Asian Gold Producers; Achieved First Gold Sale

Merdeka Gold is looking to raise around US$500m in its upcoming Hong Kong IPO. In this note, we look at the firm's past performance.

Nicholas Tan

MS-Indonesia Index Earning Revision (Feb): Bank Mandiri, Merdeka Copper Gold, Gudang Garam

We analyzed MS-Indonesia's consensus for Feb 2026 and highlighted changes of EPS in Bank Mandiri, Merdeka Copper Gold, Gudang Garam, Medco Energi...

Ke Yan, CFA, FRM

MS-Indonesia Index Earning Revision (Jan): XL Axiata, Telkom Indonesia, Vale Indonesia

We analyzed MS-Indonesia's consensus for Jan 2026 and highlighted changes of EPS in XL Axiata (EXCL IJ), Telkom Indonesia (Persero) (TLKM IJ), Vale...

Ke Yan, CFA, FRM

MS-Indonesia Index Earning Revision (Dec): Indo Tambangraya Megah, Bumi Resources Minerals

We analyzed MS-Indonesia's consensus for Dec 2025 and highlighted changes of EPS in Indo Tambangraya Megah (ITMG IJ), Bumi Resources Minerals (BRMS...

Ke Yan, CFA, FRM

Merdeka Gold Resources (EMAS IJ): Indonesia’s Largest IPO of 2025

​EMAS IJ's successful IPO raised $281m to fund Sulawesi's Pani Gold Project, with production expected to ramp up to 500 koz by 2032. Valuation at...

Rahul Jain

EMAS IJ's successful IPO raised $281m to fund Sulawesi's Pani Gold Project, with production expected to ramp up to 500 koz by 2032. Valuation at...