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AKARTA: The Indonesia Stock Exchange (IDX) will enable four regional offices to handle initial public offerings (IPO), which will ease the administration duties of regional-based companies.

Regional offices in Bandung in West Java, Medan in North Sumatra, Semarang in Central Java and Surabaya in East Java will receive the extra authority and will be supported by an updated e-filling system to communicate with the Jakarta office. With the current centralized system, regional companies have to spend time in Jakarta for the administration side of an IPO process.

“The Surabaya office will start from Aug. 10 and Makassar will begin in the second phase. There are rising demands from companies in eastern Indonesia to go public,” IDX president director Tito Sulistio said on Friday.

Tito added that this program would make underwriting businesses expand to other regions. As the IPO process was currently still centralized, all underwriting services are based in Jakarta. Securities firms have branches in other cities but are limited to selling purposes. — JP