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23 companies line up for IPO amid global economic slowdown, bearish market
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An employee passes a share price display at the Indonesia Stock Exchange (IDX) in Jakarta. Twenty-three companies have plans to conduct initial public offerings (IPOs) later this year. (Antara/Rivan Awal Lingga)
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nfavorable global economic conditions have not seemed to deter companies from entering the country’s stock market, with some having announced their plans to list their shares on the Indonesia Stock Exchange (IDX) later this year.
According to data obtained by The Jakarta Post Thursday, last week 23 companies have formally informed the IDX of their plans to conduct initial public offerings (IPOs) before the end of the year.
Among the companies in the IPO pipeline are cloud advertising startup PT Digital Mediatama Maxima, online digital lending platform operator PT Bank Amar Indonesia and property firm PT Harvest Time.
If all of these companies realize their IPO plans this year, the bourse would see a total of 61 newly listed companies throughout this year. At least 38 companies had floated their shares on the exchange as of September.
The figure was close to the bourse’s target of 75 new listings this year, which also include bonds and collective investment instrument issuances with real estate investment trusts (REITs), exchange traded funds (ETFs), asset-backed securitizations and infrastructure funds (DINFRA).
“We’re confident that we can reach our target of 75 listings this year,” I Gede Nyoman Yetna, the IDX’s assessment director, told the press in Jakarta last week. He added that the companies’ interest in seeking funding from the public showed they remained confident in the local stock exchange despite a wave student protests and sluggish economic growth – factors that could undermine the government under President Joko “Jokowi” Widodo.
Anugerah Mega Investama director Hans Kwee said on Monday that the current global economic conditions made it so that going public was a challenge for the companies.
