Indonesia Capital Market Fundraising Hits Rp 197.24 Trillion as Bond Issuance Outshines Sluggish IPO Activity

JAKARTA, Investortrust.id — Total corporate fundraising on the Indonesia Stock Exchange (IDX) reached Rp 197.24 trillion as of Nov. 6, 2026, driven almost entirely by debt capital markets and rights issues as market debuts slowed sharply.

The structural composition of capital raised this year underscores how domestic corporations are navigating heightened macroeconomic uncertainty and equity market volatility. While listed enterprises actively turned to bond markets and preemptive rights offerings to refinance liabilities and fund corporate actions, private companies hit the brakes on initial public offerings (IPOs), leading to the lowest listing volume in recent years.

Corporate bonds and Islamic sukuk represented the bulk of activity, totaling Rp 157.73 trillion across 156 issuances from 67 corporate entities, according to IDX Director of Corporate Valuation Saidu Solihin.

“Furthermore, there are still 29 emissions from 19 debt and sukuk issuers remaining in the pipeline,” Saidu said on Saturday.

Infrastructure and financial firms anchor the remaining fixed-income queue. Saidu stated that five infrastructure enterprises and four financial institutions are preparing bond offerings, alongside three basic materials producers and three energy companies. The healthcare, industrial, property, and logistics sectors each have one issuer in the pipeline.

Rights Issues Maintain Steady Inflows

Preemptive rights offerings provided a critical channel for equity capital injection, with 16 listed companies raising Rp 37.35 trillion year-to-date. The figure already eclipses the full-year 2025 total of Rp 34.47 trillion raised across 14 transactions.

Saidu noted that an additional rights issue by a property and real estate company remains active in the exchange’s registration pipeline.

Despite healthy activity in secondary equity and corporate debt, total combined fundraising through bonds and rights issues—standing at Rp 195.08 trillion—remains below the Rp 250.07 trillion recorded across 2025. That previous baseline was propelled by 181 bond and sukuk issuances that generated Rp 215.6 trillion.

IPO Market Contracts Amid Domestic Risk

In sharp contrast to the bond market, equity IPO volumes have largely stalled. Newly listed companies raised just Rp 2.16 trillion through Nov. 6, 2026, with only seven companies completing their debuts on the exchange.

The performance marks a steep retreat from 2025, when 26 issuers raised Rp 18.11 trillion, led by PT Merdeka Gold Resources Tbk (EMAS), which raised Rp 4.65 trillion.

The exchange maintains nine candidate companies in its listing registration pipeline. In accordance with Financial Services Authority (OJK) Regulation No. 53/POJK.04/2017, the prospective listing candidates comprise one small-scale enterprise with assets below Rp 50 billion, five medium-scale firms with assets between Rp 50 billion and Rp 250 billion, and three large enterprises holding assets exceeding Rp 250 billion.

Healthcare dominates the prospective candidate roster with four issuers, followed by two basic materials companies, two energy producers, and one financial firm.

The subdued listing market reflects broad risk aversion among prospective issuers. According to regulatory disclosures, 23 candidate firms chose to freeze listing plans this year due to domestic capital market volatility and macro conditions.

“In 2026, there were 38 IPOs in the pipeline, but only seven have become effective,” Agus Firmansyah, Head of Capital Market, Derivative Finance, and Carbon Exchange Regulation and Development at the OJK, said during a media gathering. “Eight companies remain in the process, while 23 decided to postpone their IPOs.”