Rumours of 2026 IPOs: DANA-Vidio Platforms Among Potential Candidates

Jakarta, CNBC Indonesia - Rumours of companies planning initial public offerings (IPOs) this year have been circulating since last year, but the actual listings have yet to materialise as we approach the end of 2026.

Therefore, we have compiled a list of companies affiliated with these potential IPO candidates, particularly those already listed on the Indonesia Stock Exchange (IDX).

The aim is to identify potential investment opportunities based on ownership and business synergies.

Before delving deeper, here is a list of companies rumoured to be planning IPOs this year:

Grup Emtek: DANA

Among the rumoured IPO candidates, PT Espay Debit Indonesia Koe, or DANA, is one of the most talked about.

This digital wallet company has close ties with the Sinar Mas Group and the Emtek Group.

DANA is reportedly preparing for a potential listing on the stock market. Although no official announcement has been made, the company’s corporate strategy suggests that an IPO is being considered and prepared internally as part of its long-term growth strategy.

Behind its expansion, DANA is supported by a strong shareholder structure. Additional capital has been injected by PT Dian Swastatika Sentosa Tbk (DSSA) amounting to US$25 million, or approximately Rp350 billion. DSSA is part of the Sinar Mas Group.

In addition to domestic capital support, DANA’s technology development is also strengthened by Ant International, which manages Alipay+, a cross-border payment gateway that connects global merchants with consumers in various countries.

Grup Emtek: Vidio

In addition to DANA, another strong rumour comes from the streaming platform Vidio, which is also part of the Emtek Group ecosystem. The company is reportedly considering unlocking value through a stock listing.

Vidio is known as one of the fastest-growing over-the-top (OTT) platforms in Indonesia. The company is targeting a customer base of eight million within the next two to three years.

Several research reports in 2024 estimated Vidio’s valuation to be around Rp14.96 trillion, a figure considered higher than that of several digital media companies that have already been listed on the IDX.

As part of the same group as PT Elang Mahkota Teknologi Tbk (EMTK), Vidio is part of the same ecosystem as PT Surya Citra Media Tbk (SCMA) and PT Super Bank Indonesia Tbk (SUPA).

Grup Barito: Intam

PT Intam is a gold and silver mining company within the Barito Group structure. Intam is a subsidiary of PT Petrindo Jaya Kreasi Tbk (CUAN) following Petrindo’s acquisition of Equator Sumber Energi in 2013.

The company has a concession of approximately 18,500 hectares in West Nusa Tenggara with a mining permit valid until 2035. It is currently in the exploration phase. If an IPO is realised, Intam could become a diversification route for CUAN from coal to precious metals.

Grup Barito: Griya Idola

Griya Idola is the property business line of PT Barito Pacific Tbk (BRPT). Established in 1989, the company develops industrial, residential, office, and hospitality assets.

Its portfolio includes Griya Idola Industrial Park, Patimban Industrial Estate, and residential projects in Tangerang. If an IPO is realised, Griya Idola has the potential to unlock the valuation of BRPT’s property business, which has long been overshadowed by the company’s petrochemical and energy businesses.

Grup RAJA: Panji Raya Alamindo

Panji Raya Alamindo is associated with the RAJA Group, owned by Happy Hapsoro. The company operates in the gas and energy infrastructure sector, particularly the distribution of gas for industrial needs.

It is affiliated with PT Rukun Raharja Tbk (RAJA), which is listed on the IDX as a midstream gas player. If an IPO is carried out, this move could expand the RAJA energy ecosystem and provide greater transparency to its gas distribution business.

Grup Djarum: Blu BCA

Blu is a digital banking platform within the Djarum Group ecosystem and is a subsidiary of PT Bank Central Asia Tbk (BBCA). Blu operates with a full digital banking business model and targets young retail customers.

If an IPO is realised, Blu has the potential to unlock a separate valuation for its digital banking business, which is currently overshadowed by BBCA as a large conventional bank.

These potential IPOs are certainly worth paying attention to, but it should also be acknowledged that at this time, after the IHSG experienced a crash due to the MSCI morning call at the end of January, companies planning to list on the stock exchange must prepare more seriously in order to achieve the free float that meets regulatory standards.

Therefore, it is understandable that the timing of IPOs this year has been delayed from the usual rush at the beginning of the year.

However, given that many of these potential IPOs are still affiliated with publicly listed companies, it would be wise to also look at their affiliates.

No BUMN IPOs

Badan Pengelola Investasi Daya Anagata Nusantara (BPI Danantara) has confirmed that no state-owned enterprises (BUMN) will be listed on the stock exchange through an initial public offering (IPO) this year.

COO of BPI Danantara, Dony Oskaria, said that this decision was made to ensure that the restructuring and consolidation process runs optimally. Therefore, the decision to carry out an IPO this year was not taken.

“So, indeed, this year we will not have any IPOs. First, because of the consolidation process, we will see how big the impact is, and then we will redefine which companies will go public and which will remain private,” said Dony at the CNBC Indonesia Economic Outlook 2026 event at the Kempinski Hotel, Jakarta, Wednesday (12/2/2026).

He added that the IPO process is likely to begin next year.