Rights Issues Gain Momentum as Issuers Opt for Expansion and Debt Restructuring
Rights issues remain a key alternative for capital raising for issuers this year. The Indonesia Stock Exchange (IDX) has noted that these corporate actions continue to proceed with increasingly diverse fund utilisation purposes, ranging from business expansion and corporate transformation to improving capital structures.
Saidu Solihin, Director of Company Valuation at the Indonesia Stock Exchange, revealed that as of 31 July 2026, 15 issuers have realised rights issues with a total value reaching Rp 15.85 trillion. One of the issuers that has completed its rights issue is PT Bakrie & Brothers Tbk (BNBR), which allocated the proceeds to its subsidiary, PT Bakrie Toll Indonesia, amounting to Rp 4.36 trillion.
“Additionally, there is one listed company in the rights issue pipeline originating from the property and real estate sector,” he explained on Friday (31/7/2026).
On the other hand, several issuers began announcing rights issue plans in late July 2026. These include PT NexAI Digital Infrastruktur Tbk (MGLV), PT Fortune Indonesia Tbk (FORU), and PT Widodo Makmur Perkasa Tbk (WMPP).
Specifically, the funds from MGLV will be used to settle the acquisition of PT Nextier Askara Center (NAC) and PT Nextier GenAI Center, make early debt repayments to PT Nextier Datamate Center, and meet working capital and capital expenditure (capex) requirements for data centre business development.
Meanwhile, FORU has chosen a rights issue mechanism through a share swap (inbreng) scheme involving PT Borneo Prima by issuing 215.10 billion new shares at a price of Rp 126 per share. Under this scheme, the value of FORU’s corporate action could potentially reach Rp 27.10 trillion.
Furthermore, WMPP is offering a maximum of 8.47 billion new shares with potential fresh funds of approximately Rp 635.45 billion. A large portion of WMPP’s rights issue implementation is conducted through the conversion of debt into equity.
Senior Market Analyst at Mirae Asset Sekuritas, Nafan Aji Gusta, assessed that the rights issue trend throughout 2026 shows that issuers are becoming increasingly selective in utilising these corporate actions and are no longer solely focused on obtaining additional capital.
According to Nafan, the rights issue conducted by MGLV is more oriented towards funding business expansion. Meanwhile, FORU is utilising the corporate action for company transformation through a share swap scheme, whereas WMPP is focusing more on improving capital structure through debt-to-equity conversion.
He added that investors should not only look at the amount of funds raised but also the purpose of the fund usage and its impact on the company’s future performance.
“Investors need to examine the purpose of the fund usage, the quality of the assets acquired, and the ability of the rights issue to increase future profitability,” he said.