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IPOs set to rebound in 2025 after multiyear low in 2024

Analysts expect the market to rebound this year after last year's lackluster performance, primarily due to the uncertainty surrounding the elections in February and November, though whether it will rally gradually or quickly to surpass 2023 levels remains to be seen.

Aditya Hadi (The Jakarta Post)
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Jakarta
Wed, January 8, 2025

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IPOs set to rebound in 2025 after multiyear low in 2024 The empty trading floor of the Indonesia Stock Exchange (IDX) appears in this undated file photo. (JP/Wienda Parwitasari)

T

he number of companies going public in Indonesia last year dropped to its lowest since 2018 as businesses adopted a "wait and see" stance amid uncertainty surrounding the presidential and regional head elections, respectively in February and November.

However, the country is expected to see initial public offerings (IPOs) rebound this year, as firms have gained better understanding of the new administration’s priorities and policies under President Prabowo Subianto since he took office in October.

The number of IPOs dropped significantly last year to just 41 companies that raised Rp 14.35 trillion (US$884.8 million) in combined capital, according to data from the Indonesia Stock Exchange (IDX).

In 2023, the IDX saw an all-time high of 79 IPOs raising Rp 54.14 trillion in the process.

By comparison, the Indonesian bourse had consistently attracted more than 50 companies to go public each year since 2018, even during the COVID-19 pandemic.

Reuben Tirtawidjaja, strategy and transactions partner at EY Indonesia, attributed the slowdown in IPO activity to external pressures due to global uncertainty along with the country’s 2024 elections.

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According to him, these two factors led investors and firms looking to go public to adopt a cautious stance and focus on the policy priorities of the Prabowo administration.

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