Indonesian Capital Market Views from Two Officials: Purbaya Confident on IHSG at 28,000, Airlangga Notes Sparse IPOs
JAKARTA, KOMPAS.com - Two main government economic officials showed different emphases when discussing the capital market.
Finance Minister Purbaya Yudhi Sadewa appeared very optimistic about the prospects of the Composite Stock Price Index (IHSG), even believing the index could break through 28,000 in the coming years.
Meanwhile, Coordinating Minister for the Economy Airlangga Hartarto highlighted a more pragmatic side where the capital market needs to be encouraged to collect funds more actively because the realisation of initial public offerings (IPOs) remains sparse.
At the inauguration of the Planned and Periodic Investment Programme (PINTAR) for Mutual Funds at the Indonesia Stock Exchange Building, Monday (27/4/2026), Purbaya spoke about the great potential of the Indonesian stock market if economic growth continues to be accelerated.
He said the projection of IHSG at 28,000 is not an excessive claim, but stems from the economic expansion cycle and historical experience of the domestic capital market.
“Let’s say it’s now 7,000. Our expansion will last until 2029-2030. That’s what I mean, it could be 4-5 times. It could reach 28,000 at worst. They say Purbaya is crazy,” said Purbaya.
That optimism is also supported by his confidence in the push from domestic investors, especially young retail investors. Purbaya mentioned that around 57 percent of capital market investors now come from Generation Z, which he believes is an important asset for deepening Indonesia’s financial market.
However, amid that optimism, he still reminded young investors not to rush into the stock market without sufficient knowledge.
“Then if you feel more expert, only then should you directly invest in the stock market,” he said.
According to Airlangga, the current challenge is not just maintaining market optimism, but ensuring that the capital market truly supports the ever-increasing financing needs for development.
He stated that national financing needs are estimated to reach Rp7,400 trillion in 2026 and increase to Rp9,200 trillion in 2029.
Amid those jumbo funding needs, Airlangga actually sees fundraising through IPOs not moving as quickly as hoped.
“The function of the capital market is to attract funds for IPOs which may in this first quarter period have high uncertainty, so this is still in the pipeline. The pipeline hasn’t emerged yet, well, this might need to be pursued going forward,” said Airlangga.
However, the capital market as a financing channel is assessed as not yet fully matching those expansion needs.
Based on Indonesia Stock Exchange data, up to mid-April there are 16 companies in the IPO queue, but throughout this year only one issuer has listed on the exchange, namely PT BSA Logistic Indonesia Tbk (WBSA), with funds raised of Rp300 billion.
The majority of prospective issuers in the pipeline come from large-asset companies, with dominance in the consumption, health, infrastructure, and technology sectors.