Merdeka Gold Shares Jump by Limit After Indonesia’s Biggest IPO

PT Merdeka Gold Resources surged by the 25% daily limit in its Jakarta trading debut after wrapping up Indonesia’s largest initial public offering this year.

Shares of the miner climbed to 3,600 rupiah on Tuesday, up from the IPO price of 2,880 rupiah. Merdeka had raised 4.66 trillion rupiah ($281 million) by selling a 10% stake in the listing.

The offering drew interest from more than 400,000 investors spread across two dozen countries, marking the broadest retail participation in an Indonesian IPO since 2020, Indonesia Stock Exchange Director I Gede Nyoman Yetna said during the listing ceremony.

Merdeka’s debut ...