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View all search resultsOJK increases 2022 capital market fundraising target, confirms BliBli IPO
The Financial Services Authority (OJK) has upgraded its target for the growth of the domestic capital market to more than Rp 182 trillion this year, more than 4 percent higher than initially projected.
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T
he Financial Services Authority (OJK) has upgraded its target for the growth of the domestic capital market to more than Rp 182 trillion (US$11.94 billion) this year, more than 4 percent higher than initially projected.
OJK head of capital market supervision Inarno Djajadi told reporters on Monday that the watchdog had initially projected that between Rp 125 trillion and Rp 175 trillion in funds would be raised in the capital market this year, but that range had already been exceeded in September.
The assessment is based on funds expected to be raised from initial public offerings (IPOs), right issues and bond issuance.
“We have reached our 2022 target. Then we revised the target for this year upward, to Rp 182.5 trillion,” Inarno said during a monthly OJK briefing.
Read also: INA seals ‘good deal’ in OTA business with US$300m funding for Traveloka
Notwithstanding the revision, the projected amount remains far below the Rp 363.3 trillion realized last year, when right issues accounted for the lion’s share with Rp 197.3 trillion, followed by Rp 104.4 trillion in bond issuance and the rest from IPOs.
As of September, 48 companies have gone public this year, according to the OJK.
Meanwhile, the Indonesia Stock Exchange (IDX) has noted that 90 companies have IPO plans to raise a total of Rp 61.31 trillion.
The OJK reaffirmed that the long-waited IPO of e-commerce platform BliBli is still on the way, despite a long delay.
“Apparently [Blibli] has submitted [the IPO plan] again, but as for the value and its IPO price, [we] would have to wait for the book building process,” Inarno said.
IDX assessment director I Gede Nyoman Yetna told reporters on Sept. 28 that companies, including state-owned enterprises, in the IPO pipeline were expected to raise more than Rp 1 trillion in a variety of sectors, like energy, financials and technology.
Read also: Indonesia still 'attractive' for IPOs, rights issues
Meanwhile, analysts told The Jakarta Post that Indonesia’s capital market remained conducive for raising funds through IPOs as local companies look inward amid uncertainties induced by the Russia-Ukraine war and the United States Federal Reserve’s rate hikes, which were disrupting financial markets in many countries.
Both equity financing and debt financing remained attractive options to keep businesses up and running while mitigating risks stemming from global uncertainties.
