New IDX Rules: Mandiri Sekuritas Assures IPO Pipeline Will Not Be Disrupted

REPUBLIKA.CO.ID, JAKARTA – PT Mandiri Sekuritas stated that companies in its IPO pipeline have adjusted their plans to release shares to the public in accordance with the new minimum free float requirement of 15%.

As is known, the Indonesian capital market authority will increase the minimum free float requirement from 7.5% to 15%, with the target implementation date set for March 2026.

President Director of Mandiri Sekuritas, Oki Ramadhana, said that several prospective issuers were previously below the 15% threshold but have now made adjustments to comply with the new regulations.

“Some of them were below [the threshold], now they have to adjust,” said Oki during a gathering event in Jakarta, Wednesday (February 25, 2026).

According to him, the increase in the minimum free float will have a positive impact on the Indonesian capital market, especially in terms of liquidity. With a larger portion of shares available to the public, both institutional and individual investors will have more adequate trading space.

“If it’s bigger, investors will have more [shares], in simple terms, there will be more supply for them, there will be shares that can be bought,” he said.

Oki explained that if the number of shares released to the public is too small, the risk of low liquidity in the secondary market will increase. This condition can hinder trading activity because investors have difficulty reselling their shares.

“If only a few shares are released, the risk of tradeability becomes a problem. People won’t be able to trade later in the aftermarket, in the secondary market,” he said.

He believes that regulatory adjustments, including the increase in the minimum free float limit, are reform measures that will strengthen transparency and governance in the Indonesian capital market.

“It will be much more transparent, and the governance will be better. If more shares are offered, and the company is good, with good fundamentals, it would be a shame if they were not owned by investors, both domestic and foreign,” said Oki.

Meanwhile, PT Bursa Efek Indonesia (IDX) estimates that the market needs to absorb around IDR 187 trillion in liquidity so that 267 issuers can increase their free float portion from 7.5% to 15%.

The IDX is prioritizing the initial phase of implementation for 49 issuers with large market capitalization (big caps). The adjustment is being made through a revision of Regulation Number I-A concerning the Listing of Shares and Other Equity Securities Issued by Listed Companies.

This step is part of the market deepening effort, with the target of implementing a minimum free float of 15% by March 2026.