Six Firms Seek Rp 3.15 Trillion Through IPOs Amid Downturn in Stock Index

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JAKARTA, investortrust.id – Six Indonesian companies have launched initial public offering (IPO) book building exercises targeting a combined Rp 3.15 trillion ($193 million) in fresh capital ahead of the end of June, even as investor sentiment weakens following a sharp decline in the country’s benchmark stock index.

The largest offering comes from PT Chandra Daya Investasi Tbk (CDIA), a subsidiary of petrochemical giant PT Chandra Asri Pacific Tbk (TPIA), controlled by billionaire Prajogo Pangestu. CDIA is offering up to 12.48 billion shares, equivalent to 10% of its issued and paid-up capital, in a price range of Rp 170 to Rp 190 per share. The company targets a listing on Tuesday, July 8, 2025.

CDIA plans to use the proceeds to strengthen its port and logistics business, in line with the group’s industrial estate and downstream expansion strategy.

Other IPO Candidates

The second-largest book building is from PT Indokripto Koin Semesta Tbk (KOIN), the parent of Indonesia’s crypto futures bourse. KOIN is seeking to raise up to Rp 231.6 billion by offering 2.20 billion shares priced between Rp 100 and Rp 105.

PT Diastika Biotekindo Tbk (CHEK), a pharmaceutical company, is looking to raise up to Rp 97.8 billion by selling 815 million shares at Rp 120 to Rp 140 apiece. The firm is targeting a listing date of Thursday, July 10, 2025.

Meanwhile, PT Trimitra Trans Persada Tbk (BLOG), a logistics provider, aims to raise Rp 152.1 billion by offering 563.24 million shares at Rp 240 to Rp 270 each. BLOG is also eyeing a July 8 listing.

PT Asia Pramulia Tbk (ASPR), a manufacturing company, will offer 812 million shares—nearly 30% of its paid-up capital—at Rp 118 to Rp 124 per share, seeking to raise up to Rp 100.7 billion. It expects to go public on Wednesday, July 9, 2025.

Completing the lineup is PT Pancaran Samudera Transport Tbk (PSAT), a shipping and logistics firm. PSAT is set to raise Rp 200.1 billion by offering 222.53 million shares, or 15% of its capital, at Rp 850 to Rp 900 each.

Headwinds from Market Volatility

The IPO rush comes amid a downturn in the Indonesia Stock Exchange Composite Index (IHSG), which has fallen sharply in recent sessions. As of Monday, June 23, 2025, the IHSG had declined 152 points (2.20%) just one hour before market close, following a weekly drop of 258.93 points (3.61%) to 6,907.

This market backdrop raises questions about investor appetite for new equity amid tightening liquidity and increasing risk aversion. Analysts warn that unless pricing is adjusted attractively, some offerings could face limited absorption or even partial undersubscription.