Merdeka Gold Resources (IDX:EMAS, HKG:6228) launched its Hong Kong depositary receipts (HDR) offering on Wednesday, seeking to raise up to HK$2.39 billion from the deal.

The Indonesian miner is offering 89.7 million HDRs at an indicative maximum price of HK$26.60 each, according to a Hong Kong bourse filing.

The offering consists of about 8.9 million HDRs for Hong Kong investors and 80.7 million HDRs for international investors, subject to reallocation and the overallotment option.

The final offer price is expected to be determined by June 24, with allocation results due by June 25, ahead of the company's planned trading debut on June 26.

The IPO has 11 cornerstone investors, including Glencore, Mercuria, and Trafigura, which committed to subscribing to $152 million worth of HDRs. The investors agreed to take up 44.8 million HDRs, or 49.9% of the offering, according to the prospectus.

The sale comprises existing HDRs offered by selling shareholders, who will receive all net proceeds from the offering. Merdeka Gold Resources will not receive any proceeds from the transaction, the filing said.

UBS Securities Hong Kong and CITIC Securities (Hong Kong) are acting as joint sponsors. Joint bookrunners include UBS, CLSA, Morgan Stanley, HSBC, China International Capital Corporation Hong Kong Securities.