Official! IDX Sets Free Float Shares at 15 Percent

The Indonesia Stock Exchange (IDX) has officially introduced a new standard for listed companies. The authority has set a minimum free float share limit of 15 percent as a requirement to remain listed on the domestic capital market. IDX Corporate Secretary Kautsar Primadi Nurahmad explained the changes to the free float tiering system at 15 percent, 20 percent, and up to 25 percent, depending on the size of the market capitalisation of the company listing on the exchange. “The IDX also sets specific free float share provisions for prospective listed companies with public offerings at certain values,” Kautsar clarified, as quoted from Antara on Tuesday, 31 March 2026. Kautsar emphasised that the free float share adjustment by the IDX aligns with the establishment of changes to Exchange Regulation Number I-A concerning the Listing of Shares and Equity Securities Other than Shares Issued by Listed Companies. Additionally, it includes IDX Circular Number SE-00004/BEI/03-2026 regarding Explanations on Provisions Related to the Listing of Shares and Equity Securities Other than Shares Issued by Listed Companies. Kautsar explained that these changes were made through the Rule Making Rule (RMR) process and have received approval from the Financial Services Authority (OJK). “This adjustment is part of efforts to accelerate Indonesia’s capital market reforms to improve the quality of listed companies, strengthen governance, and promote more optimal investor protection,” Kautsar continued. To encourage listed companies to meet the minimum free float share requirements, the IDX provides facilities and support through mechanisms for all listed companies to apply for certain shareholders to be categorised as free float shares. “Further explanations regarding the definition of free float shares and criteria for certain shareholders that can be requested to be categorised as free float shares are provided in the Circular,” Kautsar stated. The IDX provides an adequate transition period for listed companies to meet the minimum free float criteria to remain listed on the Exchange. Compliance will be carried out gradually according to the share capitalisation value as of 31 March 2026. Listed companies with a minimum share capitalisation value of Rp5 trillion, and currently having a free float level below 12.5 percent, must meet a free float share amount of 12.5 percent by no later than 31 March 2027, and comply with the 15 percent free float share requirement by no later than 31 March 2028.