Indonesia’s Sovereign Fund Danantara Signals Wave of State-Owned Enterprise IPOs Within 12 Months

JAKARTA, Investortrust.id — Indonesia’s newly formed sovereign investment management agency, Daya Anagata Nusantara (Danantara), signaled plans on Monday to orchestrate initial public offerings for several major state-owned enterprises (SOEs) over the next 6 to 12 months, alongside a strategic bid to acquire an equity stake in the Indonesia Stock Exchange (IDX).

Pandu Sjahrir, Chief Investment Officer at Danantara, confirmed that the agency is managing the IPO preparation through its dedicated asset management arm, Danantara Asset Management (DAM). The initiative represents a core pillar of the government’s push to modernize state asset management and expand market capitalization in Southeast Asia's largest economy.

The announcements highlight a concerted effort by the Prabowo Subianto administration to inject fresh liquidity into domestic capital markets. By listing marquee state assets and taking a direct stake in the exchange operator itself, Danantara is positioning itself as both a major market participant and a structural market catalyst, effectively reshaping how state capital interacts with public equity markets.

"The preparation process is situated within DAM, and God willing, we can focus on this over the next 6 to 12 months," Sjahrir said following the launch of a gold Exchange-Traded Fund (ETF) at the IDX Main Hall in Jakarta on Monday. "It involves formal exchange procedures, and our intent is to deepen liquidity in Indonesia’s capital markets."

Sjahrir refrained from detailing specific public listing dates, noting that Chief Operating Officer Dony Oskaria would communicate exact timelines once asset reviews are complete.

Oskaria previously identified several state-backed heavyweights boasting substantial valuation as prime IPO candidates. These include state lender PT Pegadaian (Persero), fertilizer giant PT Pupuk Indonesia (Persero), port operator PT Pelabuhan Indonesia (Persero) or Pelindo, and airport manager PT Angkasa Pura Indonesia (Persero), operating under the trade name InJourney Airports.

"There are companies like Pegadaian, Pupuk Indonesia, Pelindo, and Angkasa Pura—all boasting strong market caps that make them prime candidates for listing," Oskaria stated during a briefing at the Ministry of Finance in Jakarta.

Bidding for an Exchange Stake

In a separate move to entrench its presence across domestic financial infrastructure, Danantara confirmed its intention to purchase equity in the Indonesia Stock Exchange as part of the bourse’s upcoming demutualization.

The acquisition will be executed via Danantara Investment Management (DIM), following direct investment directives from the overarching agency.

"Demutualization remains in process with both the Financial Services Authority (OJK) and exchange directors," Sjahrir explained. "God willing, this will wrap up in the coming months."

The transaction hinges on a new regulatory framework from the OJK, which authorities target for completion by September 2026. While Sjahrir declined to specify the precise size of the stake Danantara intends to acquire, he noted that details will be released as regulatory negotiations conclude.

The exchange ownership move coincides with the IDX's separate announcement on Friday that it will auction 11 treasury shares—stocks previously bought back or unissued by the exchange—on September 1, 2026. Qualified brokerage firms holding Exchange Member status have until August 20, 2026, to register for the auction.