Mandiri Sekuritas Confident 2026 IPOs Will Be More Numerous, 15 Per Cent Free Float Requirement to Be Met

JAKARTA, KOMPAS.com - PT Mandiri Sekuritas Indonesia has confirmed that the pipeline of initial public offerings (IPOs) in 2026 will be more numerous than in the previous year. Several prospective issuers are ensuring that they meet the minimum 15 per cent public float requirement.

The President Director of Mandiri Sekuritas, Oki Ramadhana, stated that some companies previously had a free float below the required level, but have now made adjustments. He assured that the larger the proportion of shares released to the public, the healthier the price formation process and liquidity will be after listing on the stock exchange.

“There are (companies) that were previously below (the 15 per cent free float), some were below, now they have to adjust. So, this will actually be better for IPOs. The more, the better,” said Oki during an iftar event with the media in South Jakarta on Wednesday (25/2/2026).

“This is a good story, the fundamentals are good, the management is good, in short, the issuer is good. If it’s bigger, investors will have more, in other words, there will be more shares available for them to buy. If there are only a few, how can it be good?” he explained.

The increase in the minimum public share ownership requirement to 15 per cent will actually strengthen market liquidity. If previously shares with a small public float could still be considered liquid, the standard will become stricter in the future, so that shares listed on the market will have adequate circulation.

“Just imagine, if previously the liquid shares were small, now we have to have 15 per cent (free float) and it has to be liquid. So, this will be a full portfolio for investors who will invest in our capital market,” said Oki.

According to him, in market practice, the larger the size of the issuance and market capitalisation, the greater the opportunity for institutional investors to enter. Institutions tend to be interested in shares with adequate market depth so that they can absorb large amounts of funds without significantly disrupting prices.

“So, if the mindset is that the more, the better, the more institutions will enter, we will have liquidity. So, if it’s bigger, institutional investors will be much more interested in entering. So, it’s the opposite, if you ask, oh, this issuance is very large,” Oki continued.

Also read: Mandiri Sekuritas Optimistic: 2026 IPO Pipeline Will Be Larger