Indonesia’s IPO Proceeds Poised to Surpass 2024 as Large-Cap Listings Loom
Key Takeaways
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JAKARTA, Investortrust.id – The Indonesian initial public offering market is on track to surpass last year’s proceeds of Rp 16.68 trillion, with fundraising in 2025 already reaching around Rp 15.4 trillion by early November and several large-cap listings still in the pipeline, signaling a strong revival in investor appetite.
Data compiled by Investortrust show that 24 companies have listed on the Indonesia Stock Exchange between January and early November 2025, raising approximately Rp 15.4 trillion in fresh capital. After a relatively muted IPO year in 2024, the rebound underscores growing confidence among both retail and institutional investors.
Although still well below the record Rp 62 trillion raised in 2021, this year’s momentum reflects renewed confidence in the domestic capital market, supported by stable macroeconomic conditions, easing inflation, and investors’ search for growth stories beyond blue-chip stocks.
Also, several listings recorded substantial post-IPO gains, underscoring sustained enthusiasm from retail and institutional buyers alike.
The largest offering came from PT Merdeka Gold Resources Tbk (EMAS), which raised Rp 4.66 trillion in its Sept 23 debut. The gold and copper miner’s shares have climbed 41 percent since listing, pushing its market capitalization to Rp 65.9 trillion and reaffirming appetite for commodity-linked assets amid global volatility.
PT Chandra Daya Investasi Tbk (CDIA) and PT Bangun Kosambi Sukses Tbk (CBDK) followed, raising Rp 2.37 trillion and Rp 2.30 trillion respectively, each fully allocating proceeds to operating expenditures to accelerate expansion. Their shares have both more than doubled from their offer prices.
Consumer-focused PT Yupi Indo Jelly Gum Tbk (YUPI) secured Rp 2.04 trillion in March, allocating over 70 percent to capex and opex to expand its confectionery production. Despite a 29.9 percent price decline, the listing attracted solid domestic demand, illustrating the consumer sector’s resilience.
Smaller-scale listings such as PT Fore Kopi Indonesia Tbk (FORE), PT Pancaran Samudera Transport Tbk (PSAT), and PT Merry Riana Edukasi Tbk (MERI) also posted robust performances, with share gains ranging from 40 to 170 percent as investors chased growth stories in lifestyle, logistics, and education.
In digital and fintech segments, PT Indokripto Koin Semesta Tbk (COIN) stood out after its July offering of Rp 220.6 billion, rallying more than 3,000 percent from its IPO price as crypto-related plays regained market favor.
Overall, about 50 percent of total IPO proceeds this year were directed to capital expenditure and business expansion, 30 percent to debt repayment, 16 percent to operating needs, and the remaining 4 percet to. The proceeds distribution highlights that most issuers are raising funds for growth rather than balance-sheet repair.
Lighthouse Companies
On the pipeline side, BEI highlighted that three “lighthouse” companies — defined as issuers with a market capitalization of at least Rp 3 trillion, a minimum free float of 15 percent, and IPO proceeds of at least Rp 700 billion — are preparing IPOs from the infrastructure, mining, and financial sectors.
“We are not just talking about quantity. Investors also want newly listed stocks to have strong fundamentals. That is why we have introduced parameters we call ‘lighthouse IPOs’,” said Iman Rachman, President Director of BEI, on Wednesday, Nov 5, 2025, emphasizing that the exchange is taking a more selective approach.
Among these potential large-cap offerings, Superbank, a digital bank owned Emtek Group, Grab and Singtel, has drawn particular attention after an alleged draft prospectus circulated publicly in recent days.
The unverified document suggested a book-building period between Nov 17 and 24, an effective date on Dec 3, and a planned listing on Dec 11, with the digital bank reportedly seeking to raise up to Rp 5.36 trillion by selling 5.21 billion shares, or 15 percent of its paid-up capital.
When contacted by Investortrust on Friday, Nov 7, 2025, Superbank’s Board of Commissioners member Hamdi Hassyarbaini said he had not seen the document. “I haven’t even seen it myself,” he said briefly, declining further comment.
Neither BEI nor Superbank has confirmed the authenticity of the filing, but if the IPO proceeds as indicated, it could lift Indonesia’s total 2025 fundraising to over Rp 20 trillion, marking the strongest performance since 2021. Market participants believe Superbank’s listing would test the depth of investor demand for digital finance stocks, alongside forthcoming deals in the infrastructure and mining sectors.
The Indonesia Stock Exchange is on course to record a rebound in IPO performances, reinforcing its role as a leading fundraising platform in Southeast Asia and a barometer of growing investor confidence in the country’s capital markets.