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View all search resultsJakarta waits for market recovery before city-owned firms IPO
The Indonesia Stock Exchange (IDX) Composite Index has fallen more than 40 percent since the beginning of the year, making it the world’s worst-performing bourse.
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Jakarta Governor Pramono Anung (left) inspects the Pesanggrahan Water Treatment Plant (IPA) on Sept. 9, 2025, in Lebak Bulus, South Jakarta with Banten Governor Andra Soni (second right), Deputy Public Works Ministry Diana Kusumastuti (right) and Jakarta-owned water company PT PAM Jaya president director Arief Nasrudin. (Antara/Sulthony Hasanuddin)
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akarta Governor Pramono Anung revealed that the initial public offerings (IPOs) plan for city-owned water utility firm PAM Jaya and Bank Jakarta must wait for more favorable market conditions.
Nevertheless, he stressed that the plan is not off the table while hoping that the market would improve next year.
“I have asked the president director and the board of directors to continue with the plan. Do not stop,” he said at City Hall on Monday, as quoted by Antara. “The timing will come […] once it does, I will give the go-ahead for the IPO.”
The Indonesia Stock Exchange (IDX) Composite Index has fallen more than 40 percent since the beginning of the year, making it the world’s worst-performing bourse.
Pramono also emphasized that the Jakarta administration would retain control of both companies after their listings, with the city remaining their majority shareholder. A proposed regional regulation would stipulate that Jakarta maintain majority ownership of PAM Jaya and Bank Jakarta, preventing the transfer of management or authority to other parties.
The governor previously said he hoped both PAM Jaya and Bank Jakarta could go public in 2027.
In August, Bank Jakarta president director Agus Haryoto Widodo said the company was gradually preparing for a listing, targeting June 2027, depending on market conditions.
