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Despite pandemic, Indonesian companies pursue IPOs
The IDX welcomed seven new companies to its trading floor this week.
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Employees walk past a trading screen at the Indonesia Stock Exchange (IDX) building in Jakarta on Feb. 28, 2019. (Antara/Rivan Awal Lingga)
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number of Indonesian companies have chosen to go public this year despite the profound uncertainties of the pandemic, with the local stock exchange welcoming seven new companies to its trading floor this week.
Bank Bisnis Internasional, food service company PT Kurniamitra Duta Sentosa and electronics company PT Selaras Citra Nusantara Perkasa listed their shares on the Indonesia Stock Exchange (IDX) on Monday. Real estate firm PT Puri Global Sukses and pharmaceuticals company PT Soho Global Health joined on Tuesday.
On Thursday, two property and real estate companies entered the bourse: PT Grand House Mulia and PT Rockfields Properti Indonesia.
With the addition of the seven companies, the IDX has seen 44 newcomers this year. Last year the bourse saw 55 additions, and two years ago, it took in 57 companies, 20 more than the 37 it welcomed in 2017.
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IDX assessment director I Gede Nyoman Yetna said on Sept. 7 that there were still 11 companies in the bourse’s IPO pipeline this year: five companies in the property, real estate and building construction sector, three in the trade, services and investment sector, two in the consumer goods industry sector and one in the miscellaneous industry sector.
“The interest in going ahead with an initial public offering [IPO] still looks good because many [companies] are trying to raise relatively small funds – below Rp 500 billion (US$33.76 million) – and that amount can be fully subscribed [by investors],” securities company Artha Sekuritas Indonesia vice president Frederik Rasali told The Jakarta Post on Wednesday.
