Eight Companies Queue for IPO on Indonesia Stock Exchange

JAKARTA - Primary market activity is picking up again towards the end of the first half of 2026. After slowing down due to market turbulence earlier in the year, the queue of prospective issuers on the Indonesia Stock Exchange (BEI) is filling up once more.

Amid the increasingly busy initial public offering (IPO) scene, the exchange also recorded a continued rise in capital market fundraising, indicating that companies still view the capital market as a source of financing despite lingering volatility.

The BEI noted there are currently eight companies in the share listing pipeline. Alongside the recovery in primary market activity, total capital market fundraising this year has reached Rp 80.28 trillion, derived from IPOs, debt and sukuk issuances, and rights issues.

BEI Director of Corporate Assessment I Gede Nyoman Yetna stated that the eight prospective issuers currently undergoing the share listing process are predominantly large-scale companies. “Of the eight companies, one is a small-asset company, one is a medium-asset company, and six are large-asset companies,” Nyoman said in a written statement on Sunday (28/6/2026).

By sector, the IPO pipeline is dominated by the healthcare sector with four companies, followed by two consumer non-cyclicals companies, one consumer cyclicals company, and one infrastructure company. There are currently no prospective issuers from the basic materials, energy, financial, industrial, or property and real estate sectors.

Nyoman added that total capital market fundraising throughout 2026 has reached Rp 80.28 trillion. This figure comprises approximately Rp 300 billion from IPO proceeds, Rp 76.09 trillion from 71 debt and sukuk issuances by 43 issuers, and Rp 3.89 trillion from rights issues by four listed companies as of 26 June 2026.

The bustling IPO pipeline follows a period of sluggish primary market activity due to stock market pressures since February. Several companies are now seizing the moment of market stabilisation to list on the exchange.

Based on BEI e-IPO data, at least six companies are currently in the public offering process: PT Niramas Utama Tbk (JELI), PT Prodia Diagnostic Line Tbk (PRDL), PT Esa Medika Mandiri Tbk (EMMI), PT Nitrasanata Dharma Tbk (JECX), PT Bach Multi Global Tbk (BACH), and PT Rans Entertainment Indonesia Tbk (RANS). These six prospective issuers are estimated to raise approximately Rp 2.14 trillion.

Among them, PT Nitrasanata Dharma Tbk (JECX) has the largest fundraising target at around Rp 683 billion. Meanwhile, PT Niramas Utama Tbk (JELI) is targeting Rp 392 billion, PT Esa Medika Mandiri Tbk (EMMI) around Rp 269 billion, PT Bach Multi Global Tbk (BACH) up to Rp 307.5 billion, PT Prodia Diagnostic Line Tbk (PRDL) around Rp 62.7 billion, and PT Rans Entertainment Indonesia Tbk (RANS) potentially raising between Rp 340 billion and Rp 428 billion depending on the offering price range.

Senior Market Analyst at Mirae Asset Sekuritas, Nafan Aji Gusta, said the increase in IPO activity indicates that companies are beginning to see opportunities to raise funds in the capital market, despite ongoing challenges. He noted that Indonesia’s economic fundamentals remain quite attractive, supported by macroeconomic stability, domestic growth prospects, and the continuation of the downstreaming agenda, which serves as a magnet for long-term investors.

“Companies certainly see opportunities to obtain funding through the capital market. This means they assess that market conditions are now more conducive than they were several months ago, although investors remain very selective in evaluating the quality of issuers planning to IPO,” Nafan told Investor Daily.

He added that the courage of issuers to offer new shares again also signals that the market is entering a normalisation phase after experiencing prolonged pressure earlier in the year. However, Nafan cautioned that IPO success is no longer solely determined by market sentiment. Investors are now placing greater emphasis on the fundamental quality of the company, business prospects, governance, and the valuation offered.

He also assessed that the chances of large-scale oversubscription, like during the IPO boom a few years ago, are relatively limited. Tight global liquidity conditions and high interest rates are making investors more cautious in allocating funds to the stock market. “The oversubscribe phenomenon may still occur, but only for issuers that truly have good quality and offer attractive valuations. The market now prioritises quality over quantity,” Nafan said.

Nafan believes that if market stability is maintained and domestic economic conditions remain solid, the IPO market could become increasingly active in the second half of 2026. However, the success of each issuer will still be determined by fundamental quality and the company’s ability to demonstrate sustainable growth prospects to investors. “Going forward, Indonesia’s primary market still has good prospects. However, issuers must be able to show real added value to obtain a positive response from investors in an increasingly selective investment climate,” Nafan concluded.