RANS IPO Only Releases 20% of Shares, How Did It Pass the New IDX Rule?

The prospective listed company owned by Raffi Ahmad, PT RANS Entertainment Indonesia Tbk (RANS), has drawn public attention because the portion of shares being released is only around 20%. In fact, the new Indonesia Stock Exchange (IDX) regulation for companies with a market capitalisation below IDR 5 trillion requires a minimum free float of 25%. Citing the prospectus, with a price range of IDR 135 to IDR 170 and the number of shares offered, RANS’s estimated market capitalisation is between IDR 1.7 trillion and IDR 2.14 trillion.

IDX Director of Corporate Assessment, I Gede Nyoman Yetna, explained that there were other considerations that made the company eligible to list on the domestic capital market. Among them, the application documents for RANS’s share listing were received by the Exchange before the enactment of Exchange Regulation Number I-A of 2026 on 31 March 2026. ‘We need to convey that the evaluation process refers to the provisions in effect at the time the application was received,’ he told reporters, as quoted on Thursday (25/6/2026). This is in accordance with the Board of Directors Decree number Kep-00045/BEI/03-2026 Stipulation 5.

Regarding the share ownership structure, in addition to the shares offered to the public in the Initial Public Offering of 20.02%, RANS also has existing shareholders who meet the free float criteria. Thus, based on the share ownership structure after the IPO, the company’s free float portion is estimated to reach around 28.85%. ‘Therefore, the company’s share ownership structure after the IPO has met the applicable free float provisions,’ he concluded.

For information, citing the company’s prospectus, 78.68% of RANS shares are held by Raffi Farid Ahmad, better known to the public as Raffi Ahmad. PT IndonesiaEntertainmen Grup holds 9.04%, a subsidiary of PT Surya Citra Media Tbk (SCMA). In addition, PT Ekonomi Baru Investasi Teknologi, a technology company owned by Pieter Tanuri under PT Bali Bintang Sejahtera Tbk (BOLA), holds 0.76% of the shares. A number of well-known public figures are also behind RANS, including Head of the State-Owned Enterprises Supervisory Board and Chief Operating Officer of BPI Danantara, Dony Oskaria (3.42%), President Director of SCMA, Sutanto Hartono (1.43%), Chairman of the Indonesian Solidarity Party (PSI), Kaesang Pangarep (1.14%), and Raffi Ahmad’s wife, Nagita Slavina Mariana Tengker (1.24%). Other pre-IPO shareholders include Soultan Ariq Rachman (3.43%) and Hikmat Janika (0.86%).