Jakarta, INTI - Indonesia Stock Exchange (IDX) revealed that a total of 15 companies are currently in the pipeline to launch initial public offerings (IPOs), including businesses from the technology, energy, and infrastructure sectors.
Director of Corporate Assessment at the IDX, I Gede Nyoman Yetna, stated that based on the company asset classification outlined in POJK Number 53/POJK.04/2017, 11 companies in the IPO pipeline are categorized as large-scale firms with assets exceeding Rp250 billion.
Meanwhile, four companies fall into the medium-scale category, with assets ranging between Rp50 billion and Rp250 billion. No small-scale companies, defined as having assets below Rp50 billion, are currently included in the IPO pipeline.
“As of April 30, 2026, one company has been listed on the IDX, raising total funds of Rp0.30 trillion,” Nyoman wrote in his report, quoted on Monday, May 4, 2026.
The IPO pipeline consists of companies from various sectors, including consumer cyclicals, consumer non-cyclicals, energy, financial services, healthcare, industrials, infrastructure, and technology.
Nyoman also explained that by April 30, 2026, three companies had completed rights issues with a combined value of Rp3.75 trillion. In addition, one listed company from the property and real estate sector remains in the IDX rights issue pipeline.
Slower IPO Momentum in 2026
The wave of IPO activity in 2026 is expected to be less active compared to previous years, as several prospective issuers have decided to postpone their market debut during the early months of the year.
Acting President Director of BRI Danareksa Sekuritas, Fifi Virgantaria, stated that one of the main concerns among prospective issuers relates to the new free float regulations. In addition, ongoing investigations involving several issuers have also contributed to market uncertainty surrounding IPO plans.
“The higher free float requirement compared to previous rules has become a shared challenge for all parties involved,” Fifi said during a meeting in Jakarta.
The slower IPO activity during the first quarter of the year was also influenced by MSCI’s decision to freeze Indonesia’s capital market for the February 2026 rebalancing process. Earlier, MSCI had also warned of the possibility that Indonesia could be downgraded to frontier market status.
A frontier market refers to a developing country with an early-stage capital market characterized by lower liquidity and higher investment risk compared to emerging markets, although it may offer significant growth potential.
In its latest announcement, MSCI maintained restrictions on Indonesian stocks during the May 2026 index review. The institution confirmed that it would continue freezing all increases to Foreign Inclusion Factors (FIF) and Number of Shares (NOS), while also refraining from adding Indonesian stocks to the MSCI Investable Market Indexes (IMI).
MSCI also decided not to upgrade Indonesian stocks between index segments, including promotions from Small Cap to Standard indexes. Furthermore, the institution announced plans to remove securities identified by Indonesian authorities as part of the High Shareholding Concentration (HSC) framework.
The organization also opened the possibility of using 1 percent shareholder disclosure data to adjust free float estimates if necessary.
Despite these measures, MSCI clarified that it would not immediately incorporate new disclosure data sources or policies into its free float assessments or index calculations until the review process is completed and market feedback has been fully evaluated.
“This approach is intended to limit index turnover and investability risks while allowing time for further evaluation of the newly announced reforms,” MSCI stated in its announcement on Monday, April 20.
Going forward, MSCI said it would continue coordinating with Indonesian regulators and market participants while gathering additional feedback regarding the implementation and effectiveness of the new policies in assessing free float and overall market investability.
Conclusion
Indonesia Stock Exchange continues to see strong interest from large-scale companies planning IPOs across sectors such as technology, energy, and infrastructure. However, tighter free float regulations, market uncertainty, and ongoing reviews by MSCI have created challenges that may slow IPO activity in 2026. Despite this, Indonesia’s capital market still holds long-term growth potential supported by expanding digital and infrastructure sectors.
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