Relisting Shares: Definition, Differences with Delisting, and Case Examples
There is another term in the capital market world that beginners must understand, namely share relisting. Relisting is always discussed alongside delisting because the two seem similar, but they are actually different.
Let’s take a look at what share relisting is and its mechanisms!
What is Share Relisting?
As the name suggests, relisting is the process of re-listing a company’s shares on the exchange after they were previously removed, or delisted.
This means there is an issuer that was once a public company, so its shares were traded on the exchange. However, due to certain circumstances, the issuer exits the exchange, or delists. During the delisting period, if the issuer’s financial reports improve, it can relist on the exchange.
This relisting action is almost similar to an IPO, but not entirely the same. Let’s say an IPO process starts from zero, whereas relisting does not. Relisting only involves efforts to issue a prospectus, re-offering shares to the public, and re-evaluation by the authorities. That’s why relisting is often considered a “second IPO”.
Share relisting is not always viewed negatively. For example, in 1999, SKBM shares from PT Sekar Bumi Tbk were delisted due to the company’s deteriorating financial performance. Over time, the company continuously improved its business performance.
Eventually, in 2012, SKBM shares relisted, or returned to the exchange, and the share price immediately surged, prompting the exchange to implement an automatic halt.
Remember, an issuer that has been delisted is not always seen as negative because this action has clear backgrounds and purposes. One type of delisting is voluntary delisting, where the issuer directly applies to the exchange for this action.
The rules on share relisting are regulated in the Regulation of the Director of the Jakarta Stock Exchange No. Kep-308/BEJ/07-2004 on Regulation I-I Concerning the Removal of Listing (Delisting) and Re-listing of Shares on the Exchange.
That regulation also explains that issuers intending to relist or return to the exchange must provide a statement from the Board of Directors and Commissioners that the issuer is not involved in any legal disputes affecting the company’s business continuity.
All companies can delist, but not all will relist. In fact, the number of relisted shares is quite small. Not all companies that exit the exchange will return. Even the number that successfully relist is relatively few. Over the past five years, no issuers have relisted.
There are several common reasons why companies relist, namely:
- Improvement in Financial Condition
In fact, many companies delist for various reasons, from deteriorating business performance, accumulating debt, to failing to meet exchange requirements.
FYI, in 2025 there were about 10 issuers that delisted. Those issuers could improve their financial conditions to relist. However, to date, those issuers have not attempted to return to the market.
- Business Restructuring
There are issuers that delisted and then relisted as a form of business restructuring. Usually, these issuers will change their business model, replace management, or even merge with other companies.
Relisting can be seen as a way for the company to “start over” as a healthier entity. Moreover, after relisting, the relevant issuer must be transparent with their financial reports.
- Refinancing Strategy
The action of relisting shares, or returning to the exchange, can allow the company to obtain public funding access while improving their business reputation.
Yes, relisting can be viewed as an effort by the company to improve their image in the public’s eyes. It also signals that the company is now healthier. However, through share relisting, the public who previously did not know becomes aware that the company had issues leading to delisting, although delisting can also be voluntary.
Relisting Procedure on the Exchange
Based on the Regulation of the Director of the Jakarta Stock Exchange No. Kep-308/BEJ/07-2004 on Regulation I-I Concerning the Removal of Listing (Delisting) and Re-listing of Shares on the Exchange, there are several requirements for issuers intending to relist, namely:
The relevant company that was previously delisted can apply for relisting to the IDX at the earliest 6 months after delisting.
Registration statement to OJK that the relevant issuer remains effective.
The relevant issuer has corrected the conditions that caused the previous delisting.
Statement from the Board of Directors and Commissioners that the relevant issuer is not involved in legal disputes or facing issues affecting its business continuity.
The relevant issuer may be a subsidiary or parent of a listed company.
Has at least 30% Independent Commissioners in the Board of Commissioners.
Has at least one Director in the Board of Directors.
Has an Audit Committee.
Has a corporate secretary.
Share price and nominal value of at least Rp100.
Directors and Commissioners have a good reputation.
You surely know that the IDX has several share listing boards such as the Main Board, Acceleration Board, New Economy Board, and Special Monitoring Board. Well, companies relisting can return to the Main Board, depending on how the issuer meets the IDX requirements.
However, to be re-listed on the Main Board, there are many requirements that must be met by the issuer. One of them is that the latest audited financial report must have Net Tangible Assets of at least Rp100 billion.
It is different if for relisting on the P