Mandiri Sekuritas Boss Says MSCI Issue Won't Delay IPO Plans
Jakarta, CNBC Indonesia - PT Mandiri Sekuritas Indonesia (Mansek) has stated that none of the companies in its Initial Public Offering (IPO) pipeline have postponed their plans despite the volatility in the Jakarta Composite Index (IHSG) caused by the MSCI issue.
The President Director of Mandiri Sekuritas, Oki Ramadhana, said that the company currently has more than six companies in its IPO pipeline for this year, which is more than last year.
“So, even after the MSCI and Moody’s conditions, none of the companies we are working with have put their IPO plans on hold or postponed them,” Oki said during an iftar event in Jakarta on Wednesday (February 25, 2026).
According to him, the ongoing market reforms are expected to make the Indonesian capital market stronger and more attractive to investors. With clearer rules and structures, the portfolio of institutional investors is expected to be increasingly allocated to the domestic market.
“The more (companies), the larger (their assets), the more institutional investors can participate. So, if the size is larger, institutional investors will be more willing to invest,” Oki explained.
On the other hand, IPOs with a size that is too small are considered more challenging due to the limited participation of domestic institutional investors. The scale of assets makes it difficult for many institutions to invest in small-sized IPOs.
He added that with a higher threshold and supported by strong fundamentals and growth prospects, both domestic and foreign investors will be more interested in participating. According to him, this will improve the structure and quality of the market.
Oki believes that the current IPO pipeline is healthy and can be realized this year. He also said that the quality of the companies in the IPO pipeline is very good.
Furthermore, he sees this year as a transition year for the IPO market. The decline in bond yields to around 6% makes stocks, especially banking stocks with higher potential returns, more attractive. According to him, for investment managers, the choice between placing funds in bonds with a yield of around 6% or in stocks with a potential return of around 9% is an important consideration. This condition encourages the transfer of funds from fixed income instruments to equities.
He added that there is still potential for interest rates to fall by 25 to 50 basis points, which can further strengthen this momentum. Therefore, he said that this year is a reset phase where pension funds and institutional investors are starting to switch their portfolios to obtain optimal returns.
On the other hand, Oki sees that the performance of companies that were previously under pressure is starting to recover. After recording a contraction in growth of around 12% last year, he expects many companies to record positive growth this year.
Mandiri Sekuritas projects that the IHSG can reach 9,350 in a bullish scenario and 7,670 in a bearish scenario. Several sectors with good growth prospects include: commodities, telecommunications, internet/digital, consumer goods, retail, transportation, and building materials.
(ayh/ayh)