KISI Keeps IPO Plans on Track with Deals Up to Rp 3T Amid Market Caution
KISI Keeps IPO Plans on Track with Deals Up to Rp 3T Amid Market Caution
Jakarta. Korea Investment and Securities Indonesia (KISI) said plans for several initial public offerings (IPOs) remain on track despite a cautious mood in Indonesia’s capital market amid global uncertainty.
The brokerage said it currently has seven to eight companies in its IPO pipeline, with the largest potential listing involving firms with assets valued at around Rp 2 trillion to Rp 3 trillion ($118.73 million to $178.13 million).
KISI President Director Kyoung Hun Nam said the pipeline remains relatively stable because most IPO projects are long-term preparations that began well before current market volatility.
“The number of companies currently in KISI’s pipeline is around seven to eight. Nearly 50% of the pipeline has already been realized in January and February, although preparations actually began in the second half of last year,” Kyoung Hun Nam said in Jakarta.
He added that global developments, including concerns related to MSCI and credit rating assessments from S&P’s, have not significantly disrupted the ongoing IPO plans.
According to him, the IPO process typically requires six months to a year of preparation, making it less sensitive to short-term market fluctuations. “If the sentiment deteriorates further, it could certainly have an impact, but so far everything is still progressing well,” he said.
Data from the Indonesia Stock Exchange (IDX) as of Feb. 20 shows eight companies currently in the IPO pipeline. Five are categorized as large companies with assets above Rp 250 billion, while three fall into the medium category with assets ranging from Rp 50 billion to Rp 250 billion.
The prospective issuers come from several sectors, including basic materials (2 companies), finance (2), transportation and logistics (1), primary consumer goods (1), energy, (1) and industrials (1).
As of that date, the IDX recorded no IPOs completed in 2026, leaving the total number of listed companies in Indonesia unchanged at 956 issuers.
KISI said companies in its IPO pipeline are mainly from the banking, tourism, mining, and infrastructure sectors, with the largest potential deal estimated at Rp 2 trillion to Rp 3 trillion, qualifying as a large-asset listing under POJK 53/2017 regulations.
Beyond equity offerings, the firm has also been active in the bond market. Between Jan. and Feb. 2026, KISI arranged around seven bond issuances, while several additional offerings are still in progress.
Kyoung Hun Nam said the Indonesian capital market remains in a wait-and-see mode, as investors seek clarity on regulatory developments, including the resolution of issues with MSCI and the government’s future monetary policy direction.
“For now, the market is still in a wait-and-see phase. However, the government is working to resolve the issues with MSCI, and there could be a different sentiment emerging supported by monetary policy,” he said.
He expressed optimism that stronger investor confidence, both foreign and domestic, could drive more IPO activity in the second half of 2026 as market sentiment improves.
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