Healthcare Leads Nine-Company IPO Pipeline on Indonesia Stock Exchange
Nine companies are seeking initial public offerings on the Indonesia Stock Exchange (IDX), including four healthcare businesses, an exchange official said over the weekend. Just seven companies have completed IPOs this year as the exchange applies stricter screening to prospective issuers.
Prospective issuers span four sectors
IDX Director of Corporate Assessment Saidu Solihin outlined a pipeline that includes two energy companies, two basic materials businesses and one financial-sector company, alongside the four healthcare firms.
Five applicants fall into the medium-sized category, with assets of Rp 50 billion to Rp 250 billion. Three hold more than Rp 250 billion ($13.8 million) in assets, while one has less than Rp 50 billion.
Stricter screening and fewer listings
The seven IPOs completed so far in 2026 have brought in Rp 2.16 trillion ($119.6 million). The pace is slower than last year: Kompas.id, citing IDX data, reported 23 new listings by September 2025, versus seven in the first nine months of 2026.
IDX Director of Development Iding Pardi said on Oct. 2 that the exchange had rejected about 60 percent of this year's IPO applications, roughly double the usual 20-30 percent rejection rate, according to Kompas.id. He attributed part of the slowdown to tighter screening intended to improve issuer quality.
Other fundraising channels remain active
Debt securities and sukuk, or Islamic bonds, accounted for Rp 151.95 trillion in fundraising through Oct. 23. The IDX recorded 149 such issuances from 66 issuers, with a further 25 issuances from 16 issuers awaiting completion.
Rights issues had raised another Rp 37.35 trillion for 16 listed companies by the same date.
For the capital market overall, Indonesia's Financial Services Authority (OJK) set a 2026 fundraising target of Rp 250 trillion. CNBC Indonesia, citing OJK data, reported that fundraising had reached Rp 125.74 trillion by June 30.
Investor flows and trading changes
Indonesia Business Post reported cumulative net foreign selling of Rp 82.55 trillion (about $4.65 billion) in Indonesian equities since the beginning of 2026. The Jakarta Composite Index (IHSG) declined 3.28 percent during the Sept. 28-Oct. 2 trading week.
That period also brought changes to trading rules. According to Indonesia Business Post, the IDX cut the minimum equity price to Rp 1 from Rp 50 and adjusted its Auto Rejection rules on Sept. 28. On Oct. 1, it began implementing short selling and intraday short selling (IDSS) through two licensed exchange members: PT Ajaib Sekuritas Asia and PT Semesta Indovest Sekuritas.
The exchange's 2030 goals
The IDX currently has 963 listed companies and is targeting 1,100 by 2030. Reaching that total would require roughly 30 new IPOs annually, OJK Chief Executive for Capital Market Supervision Hasan Fawzi said in a July 30 written statement, when the listed-company count also stood at 963. He noted that Indonesia already ranked among the world's top 20 markets by market capitalization and transaction value.
Listings are one part of a broader set of 2030 goals announced by IDX President Director Jeffrey Hendrik on June 29, according to Tempo English. The exchange is targeting market capitalization of Rp 30,000 trillion, compared with Rp 15,849 trillion in 2025, and average daily transaction value of Rp 31 trillion, up from Rp 18.1 trillion.
The targets also call for 35 million capital market investors, compared with 20.3 million in 2025, and a market-capitalization-to-GDP ratio above 83 percent, up from 66.5 percent. The IDX aims to rank among the world's top 10 exchanges by 2030.