Rukun Raharja (RAJA) Targets Subsidiary IPOs for Next Year

PT Rukun Raharja Tbk (RAJA) is once again targeting the listing of one or several of its subsidiaries on the Indonesia Stock Exchange (IDX) by 2027.

RAJA President Director Djauhar Maulidi stated that the company has long-held plans to bring its subsidiaries to the stock exchange, though previous targets had not been realised. “What is certain is that it will happen next year,” Djauhar remarked during an online public expose on Thursday (10/09/2026).

He noted that RAJA cannot yet confirm the exact timing for the initial public offerings (IPOs) as the company must monitor the developments in the Indonesian capital market. The scheduling will also depend on finding the most appropriate momentum for such corporate actions.

Nevertheless, management has not yet confirmed whether Panji Raya Alamindo will be the entity listed in 2027. The company is still conducting assessments regarding the readiness of each subsidiary.

RAJA Director Ogi Rulino added that the opportunity for IPOs remains open for more than one subsidiary. This plan could follow the listing of PT Raharja Energi Cepu Tbk (RATU), which is scheduled to be listed on the IDX in January 2025.

“If possible, there could be one or two more subsidiaries conducting an IPO,” said Ogi.

Regarding the selection of potential subsidiaries, Ogi mentioned that RAJA will prioritise entities that demonstrate the highest level of readiness. Consequently, the company cannot yet provide specific details regarding the names of the companies or the precise timing of the execution.

“We will proceed with the IPO for whichever is most prepared,” Ogi stated.

RAJA hopes that these plans can be realised next year, taking into account both the readiness of the subsidiaries and the prevailing conditions of the capital market.