Get Ready! State-Owned Enterprise IPOs and Acceleration of Stock Exchange Demutualisation Starting in 2027
Jakarta, CNBC Indonesia - The government has included the Initial Public Offering (IPO) agenda for State-Owned Enterprises (BUMNs) in 2027 as an effort to deepen the financial and non-bank sectors, particularly the capital market.
The BUMN IPO is one of six government efforts to deepen the capital market, alongside strengthening domestic investors.
“In the capital market, strengthening is directed towards bolstering domestic investors and encouraging Initial Public Offerings (IPOs) of BUMNs,” quoted from the initial draft of the 2027 Government Work Plan (RKP) prepared by the Ministry of National Development Planning/Bappenas, cited Friday (8/5/2026).
In addition to the BUMN IPO, the next effort to deepen the capital market is increasing retail investor participation through a gradual increase in the minimum public share ownership threshold.
Thirdly, the government is promoting transparency in share ownership and accelerating the demutualisation of the Indonesia Stock Exchange (BEI).
The fifth effort is law enforcement and compliance, including sharia compliance, and the final effort is market integration and synergy among stakeholders at both central and regional levels.
“Efforts to deepen the financial sector (both conventional and sharia) and non-bank in 2027 are focused on enhancing intermediation functions, inclusion, and stability,” as stated in the initial draft of the 2027 RKP.
As is known, the Nusantara Future Investment Management Agency (BPI Danantara) has confirmed that no state-owned enterprise will list on the stock exchange through an initial public offering (IPO) in 2026.
COO of BPI Danantara, Dony Oskaria, said this decision was taken to ensure that the restructuring and consolidation processes run optimally. Thus, the decision to proceed with an IPO this year was not made.
“So indeed, for this year, we have nothing planned. First, because of the consolidation results, we will see how big the impact is, and then we will redefine which companies we will take public and which ones will go private,” said Dony at the CNBC Indonesia Economic Outlook 2026 event at the Kempinski Hotel, Jakarta, cited Thursday (12/2/2026).
He then revealed that the IPO process is likely to begin in 2027. Especially after the strategic directions of each consolidated company are clearly established.
“So, God willing, hopefully in 2027 we will start the IPO process for our companies that are indeed intended for public offering, so for the people,” he said.