MDKA - Subsidiary to launch IPO

MDKA - Subsidiary to launch IPO Merdeka Gold Resources, a subsidiary of Merdeka Copper Gold (MDKA), is set to conduct its IPO with an offering of up to 1.62 bn new shares, representing a maximum of 10% of its issued and paid-up capital. The shares will be offered in the price range of IDR 1,800-3,020 per share, potentially raising proceeds of up to IDR4.89 tn. Key Timetable: • Bookbuilding Period: 8-10 September 2025 • Public Offering: 17-19 September 2025 • Allotment Date: 19 September 2025 • Electronic Distribution: 22 September 2025 • Listing on IDX: 23 September 2025 (Source: Investor Daily) Comment : At the current EV of IDR82.7 tn, MDKA’s 70% stake in MGR (valued at IDR20-34 tn from the IPO range) accounts for 25–41% of group EV, underscoring significant upside re-rating potential if the market begins to fully price in the portfolio. At our TP-based EV of IDR172 tn, the contribution moderates to 12–20%, yet still reinforces MGR as one of core value driver. We view the IPO as a catalyst that crystallizes value, alleviates funding pressure, and strengthens MDKA’s equity story through increased visibility on its assets.