Please Update your browser

Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.

Jakarta Post

IDX to allow SPACs to raise funds for start-ups

  • The Jakarta Post

Jakarta   /   Mon, March 8 2021   /  01:00 am
IDX logo in front of a giant screen that displays information of the movement of stock prices at Indonesia Stock Exchange (IDX) in Jakarta, on March 13, 2020.(JP/Seto Wardhana)

The Indonesia Stock Exchange (IDX) plans to win over local tech unicorn listings by relaxing its rules this year after it was reported that three such companies were considering listing abroad. IDX development director Hasan Fawzi said the bourse would pass regulations by July that would allow companies to go public using special purpose acquisition companies (SPAC) and to issue dual-class shares, both of which have been hot topics among tech start-ups worldwide. “The nature of these new types of economies is different from traditional companies, so we need to anticipate their interest in going public,” he told The Jakarta Post on Wednesday, March 3, referring to tech start-ups such as fintechs and e-commerce platforms. A SPAC is a shell company that raises money through an initial public offering (IPO) for the sole purpose of acquiring another firm. Because SPACs ha...