Gold Miner Seeks $284 Million in Largest Indonesia IPO This Year

PT Merdeka Gold Resources is planning to raise 4.66 trillion rupiah ($284 million) from what would be Indonesia’s largest initial public offering this year.

The gold miner will offer 1.62 billion shares, or a 10% stake, at 2,880 rupiah each, according to terms of the deal published on Investor Daily newspaper on Tuesday. The shares were priced near the upper end of the stock’s marketed range of 1,800 rupiah to 3,020 rupiah.

Gold’s continued rise — it hit another record on Tuesday — is providing a tailwind for miners such as Merdeka to raise funds for further expansion or pay ...