IDX Officially Implements 15 Percent Free Float Rule
The Indonesia Stock Exchange (IDX) has established amendments to Exchange Regulation Number I-A concerning the Listing of Shares and Equity Securities Other Than Shares Issued by Listed Companies, as well as IDX Circular Number SE-00004/BEI/03-2026.
The circular provides explanations regarding the provisions for listing shares and equity securities other than shares issued by listed companies. This regulation takes effect on Tuesday, 31 March 2026.
“These changes have been carried out through the Rule Making Rule (RMR) process and have obtained approval from the Financial Services Authority (OJK),” said the acting official. IDX President Director Jeffrey Hendrik at his office in South Jakarta on Thursday, 2 April 2026.
In these amendments, IDX has adjusted the definition of free float shares and raised the minimum free float threshold for companies to remain listed on the exchange to 15 percent of total listed shares. For initial listings, the free float requirement is now based on market capitalisation with three tiers: 15 percent, 20 percent, and 25 percent of the shares to be listed.
He stated that IDX is opening a mechanism for certain shareholders to apply to have their shares counted as part of the free float. Explanations regarding the definition of free float and the criteria for shareholders that can be submitted are contained in the circular.
The exchange is providing a transition period for listed companies to meet these provisions based on the share capitalisation value as of 31 March 2026.
Companies with a minimum share capitalisation of Rp 5 trillion and free float below 12.5 percent must meet a free float of 12.5 percent by no later than 31 March 2027, then increase to 15 percent by no later than 31 March 2028. Companies that already have a free float between 12.5 percent and 15 percent must meet the 15 percent threshold by no later than 31 March 2027.
Meanwhile, companies with share capitalisation below Rp 5 trillion are given until 31 March 2029 to meet the 15 percent free float requirement. IDX will send letters to each company to determine the transition category based on their share capitalisation.
IDX, according to Jeffrey, will conduct socialisation and assistance to listed companies, as well as provide support services related to fulfilling free float obligations.