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View all search resultsIDX cuts IPO target to 45 newly listed companies this year
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The Indonesia Stock Exchange (IDX) logo is pictured at the bourse's Jakarta building. (JP/Seto Wardhana)
I
ndonesia Stock Exchange (IDX) has revised its initial public offering (IPO) target for this year, slashing the number of companies to be newly listed from 66 to 45, as it seeks to focus on bringing quality issuers to the market.
The bourse has welcomed 23 newcomers so far this year, with another 13 listings in the pipeline.
“Our target for this year is 45 [IPOs], for next year, we are targeting 50 IPOs,” IDX president director Iman Rachman told a press conference on Wednesday, as quoted by Antara.
He explained that IDX was focusing not only on the number of IPOs but also on the quality of listed firms, as reflected by five companies categorized as “lighthouse IPOs”, which refers to those with a minimum market capitalization of Rp 3 trillion (US$180 million) and a free float of at least 15 percent, equivalent to more than Rp 700 billion in market value.
The 13 companies in the pipeline comprise two small-scale companies with assets below Rp 50 billion, six medium-scale ones with assets valued between Rp 50 billion and Rp 250 billion and five large ones worth more than Rp 250 billion.
IDX assessment director I Gede Nyoman Yetna previously projected that the majority of firms in the pipeline would conduct their IPO this year, provided “no concerns” emerged in ongoing reviews conducted by the Financial Services Authority (OJK) and IDX.
He noted that the bourse took into account both regulatory compliance and overall performance in its pre-listing evaluation of companies to ensure high quality of issuers.
