Flooring Guide by Cinvex – JAKARTA — A wave of new stock market entrants this year, including PT Chandra Daya Investasi Tbk (CDIA) and PT Indokripto Koin Semesta Tbk (COIN), have experienced dramatic surges since their Initial Public Offerings (IPOs). The pressing question for investors now is whether this remarkable IPO stock rally can be sustained in the long term.
According to data from the Indonesia Stock Exchange (IDX), 23 companies have already made their debut on the market this year, collectively raising a substantial Rp15.05 trillion. Notably, many of these new issuers have delivered stellar stock price performances, capturing significant market attention.
The performance of some of these newly listed companies has been nothing short of spectacular. For instance, shares of CDIA have soared an astonishing 836.84% since its IPO in June 2025. Even more dramatically, COIN‘s stock price has skyrocketed by an incredible 2,760% since its July 2025 listing. Not to be outdone, PT Raharja Energi Cepu Tbk (RATU), which launched its IPO in January 2025, has seen its stock jump by 560.87%. Furthermore, PT Merdeka Gold Resources Tbk (EMAS) recorded a solid 67.71% increase in its share price just last month following its IPO.
Looking ahead, the IDX’s IPO pipeline remains robust, with 11 companies currently awaiting their listings. Seven of these prospective issuers fall into the medium-asset category (Rp50 billion to Rp250 billion), while four are classified as large-asset companies (above Rp250 billion). These upcoming market entrants span diverse sectors, from basic materials and industrial to transportation and logistics, promising further dynamism in the Indonesian stock market.
Commenting on this surge in new IPO stocks, Rully Arya Wisnubroto, Head of Research & Chief Economist at Mirae Asset, suggests a key factor: investors are increasingly scrutinizing the strength of the conglomerate or controlling entity behind these new market offerings. Many of this year’s successful IPOs are indeed part of powerful business groups. For example, CDIA is affiliated with the sprawling conglomerate of tycoon Prajogo Pangestu, while RATU is backed by tycoon Happy Hapsoro. “People are once again looking at the owner because the groups that maintain prices will become apparent. Investors are looking at who is behind these IPO companies,” Rully elaborated on Thursday (October 16, 2025).
Maximilianus Nicodemus, Associate Director at Pilarmas Investindo, attributes the post-IPO price surges of stocks like COIN, CDIA, and RATU to the compelling narratives built by the issuers for market participants. He emphasizes that strong fundamentals are equally crucial, with the market evaluating business performance, valuations, and sectoral prospects. “When a strong narrative is combined with supporting fundamentals, high expectations naturally follow. For instance, CDIA demonstrates strength across all these aspects,” Nicodemus told Bisnis recently.
Beyond narrative and fundamentals, the support from influential figures behind the issuer, such as powerful conglomerates or strong parent entities, also plays a significant role. Nicodemus believes that shares like CDIA and RATU still hold potential for further gains, at least until the end of this year, provided these prospects are balanced by future valuation growth. He advises, “If the sector is good, the business is good, especially if it’s unique, then the fundamentals must be examined. In the short term, these stocks might already seem expensive. But for the long term, if the fundamentals remain convincing, further strengthening is certainly possible.”
Meanwhile, Nafan Aji Gusta, Senior Market Chartist at Mirae Asset Sekuritas, acknowledges that the market has genuinely appreciated the stock prices of newcomers like RATU, CDIA, and COIN. However, he raises an important caution: “The concern is that IPO euphoria cannot last forever. There comes a point when prices become overvalued, leading to profit-taking and price depreciation. Moving forward, investors must also closely examine fundamental prospects.”
Disclaimer: This news article is not intended as an invitation to buy or sell stocks. Investment decisions rest solely with the reader. Bisnis.com is not responsible for any losses or gains arising from the reader’s investment decisions.
Summary
New stock market entrants in Indonesia, such as PT Chandra Daya Investasi Tbk (CDIA) and PT Indokripto Koin Semesta Tbk (COIN), have experienced dramatic surges since their Initial Public Offerings (IPOs) this year. A total of 23 companies have debuted, collectively raising Rp15.05 trillion, with many delivering stellar stock price performances. For instance, CDIA shares soared 836.84% and COIN’s stock price skyrocketed by 2,760% since their 2025 listings.
Experts attribute these post-IPO surges to factors like the strength of controlling conglomerates, compelling narratives, and strong fundamentals. The IDX’s IPO pipeline remains robust, with 11 more companies awaiting listings across diverse sectors. However, analysts caution that IPO euphoria may not last indefinitely, warning of potential overvaluation and the need for investors to closely examine fundamental prospects for long-term sustainability.