Merdeka Copper Gold (listed under the code MDKA) issued 419.65 million shares, equivalent to 11.9 percent of the company’s equity, at IDR 2,000 per share in an IPO that was managed by Indopremier Securities and Bahana Securities. Through the IPO it raised IDR 839.3 billion (USD $63 million). These proceeds will be used entirely to support the operations (capital spending and debt repayment) of Merdeka Copper Gold’s subsidiary Bumi Suksesindo which operates a gold mine in Banyuwangi (East Java).

The mining company received a warm welcome from investors even though production is expected to commence in the fourth quarter of 2016, while sales are expected to start in the first quarter of 2017. As such, Merdeka Copper Gold is the first company to list on the Indonesia Stock Exchange (IDX) while still being in the exploration phase. This was made possible after the issuance of a new regulation that allows miners to list on the IDX before production has started. This new regulation was issued in November 2014 in order to support mining companies collecting funds for business expansion. President Director of Merdeka Copper Gold Adi Adryansyah Sjoekri said that the company’s IPO is an important step towards its quest to become a world-class miner.

Merdeka Copper Gold - MDKA:

Allegedly, Merdeka Copper Gold has the second-largest reserve in Indonesia after Freeport Indonesia’s Grasberg mine in Papua. The company’s asset stood at about USD $126.7 million as of December 2014. In 2014 the company posted a net loss of USD $5 million.

After the IPO, the share composition of Merdeka Copper Gold is as follows: Trimitra Karya Jaya (16.82 percent), Mitra Daya Mustika (16.82 percent), Maya Miranda Ambarsari (9.28 percent), Garibaldi Thohir (6.96 percent), the local Banyuwangi government (6.55 percent), Srivijaya Kapital (4.64 percent), Andreas Reza Nazaruddin (2.32 percent), Sakti Wahyu Trenggono (2.06 percent), MCB Wilis Holders (9.35 percent), MCB Emperor Holders (13.20 percent), and the public (11.99 percent).

Last Update: 29 Mar 2021
IPOs on the Indonesia Stock Exchange up to 19 June 2015
CompanyP: 29 Mar 2021P: 28 Mar 2021Gain/LossP/E ttmYield %Gain/Loss YTD
Bank Yudha BhaktiBBYB4984940.81%N/A0.00%40.68%
Mitra Keluarga KaryasehatMIKA2,7202,750-1.09%N/A0.00%4.62%
Mitra Energi PersadaKOPI5655650.00%N/A0.00%13.00%
PP Properti Tbk.PPRO7577-2.60%N/A0.00%-19.35%
Puradelta LestariDMAS232238-2.52%N/A0.00%0.87%
Merdeka Copper GoldMDKA2,3002,330-1.29%N/A0.00%-2.13%
Combined Total6,3906,454-0.99%4.29%

Green colour indicates upward movement Red colour indicates downward movement P = price; E = earnings; D = dividend; Yield = D/P "N/A" indicates P/E < 0 (negative earnings) "-" indicates E,D,P or YTD is not available