No Half Measures: IDX Needs Hundreds of Trillions of Rupiah to Implement 15 Per Cent Free Float Requirement

Jakarta, VIVA — The policy to raise the minimum public shareholding threshold (free float) to 15 per cent is no simple matter. The Indonesia Stock Exchange (IDX) has candidly disclosed the enormous sum of funds the market must absorb to implement the regulation.

IDX Director of Company Assessment, I Gede Nyoman Yetna, stated that 267 listed companies require funding support to meet the 15 per cent free float threshold, noting that these firms currently only meet the minimum free float requirement of 7.5 per cent.

“The potential additional market capitalisation from these 267 listed companies that the market must absorb to meet the 15 per cent free float stands at approximately Rp187 trillion,” Nyoman said, as quoted by Antara on Thursday, 19 February 2026.

Overall, the IDX reported that 894 listed companies have met the public shareholding obligation with a minimum threshold of 7.5 per cent of total listed shares. Free float is a stock market term referring to the number of shares available for public trading.

Of that total, 49 issuers have yet to meet the 7.5 per cent minimum free float requirement. Of these, 18 companies have submitted their Monthly Securities Ownership Registration Reports (LBRE) but have not yet fulfilled the free float requirements and/or shareholder number criteria.

A further 31 companies failed to submit their LBRE as of 31 December 2025, and were consequently deemed non-compliant due to the absence of data available for the exchange to review. The data refers to the LBRE as of 31 December 2025, communicated by the IDX through Announcement Number Peng-S-00006/BEI.PLP/02-2026.

The regulation to raise the share free float threshold from 7.5 per cent to 15 per cent is a joint initiative of the IDX and the Financial Services Authority (OJK). The new policy is targeted for implementation beginning in March 2026.