JAKARTA – The Indonesia Stock Exchange (BEI) has announced that thirteen companies are currently in its Initial Public Offering (IPO) pipeline, with investor interest reportedly remaining robust as the year draws to a close.
Muhammad Wafi, Head of Research at KISI Sekuritas, affirmed that market demand for IPO shares continues to be strong. He highlighted several factors influencing this demand, including the direction of Bank Indonesia’s (BI) interest rates, the movement of the Jakarta Composite Index (IHSG) as the year-end approaches, and the success of previous IPOs. Wafi conveyed to Bisnis on Wednesday (October 22, 2025) that, “If macroeconomic conditions remain stable and market liquidity stays healthy, IPOs towards the end of this year are likely to still attract significant interest.”
Meanwhile, Rully Arya Wisnubroto, Head of Research & Chief Economist at Mirae Asset, observed a trend among investors to evaluate the strength of the conglomerate or controlling entity behind new IPOs, especially given the observed surges in the share prices of recently listed companies. He provided examples such as CDIA, an affiliate of tycoon Prajogo Pangestu’s conglomerate, and RATU, a venture spearheaded by tycoon Happy Hapsoro. Rully elaborated, “People are once again looking at the owners because it becomes clear which groups uphold the prices. Look at who is behind the IPO company.”
Adding to this perspective, Maximilianus Nicodemus, Associate Director at Pilarmas Investindo, attributed the post-IPO share price rallies of companies like COIN, CDIA, and RATU to the compelling narratives crafted by the issuers for market participants. Beyond narrative, fundamentals are also crucial, with the market closely assessing business performance, valuation, and sectoral outlook. Nicodemus explained to Bisnis recently, “If we talk about a strong narrative combined with supportive fundamentals, naturally, expectations are high. For instance, CDIA demonstrates strength across all these aspects.” He further noted that strong backing from influential figures, such as conglomerates or powerful parent entities, also plays a vital role.
Looking ahead, Nicodemus anticipates that shares like CDIA, RATU, and others could sustain their upward momentum at least until the end of this year. However, this potential must be balanced against future valuations. He emphasized, “If the sector is promising, the business is robust—especially if it’s unique—and the fundamentals are thoroughly examined, long-term strengthening is still possible, even if the short-term valuation currently appears high.”
The BEI reiterated its record of 13 companies in the IPO pipeline, confirming these prospective listings will follow a series of new issuers that have already debuted on the Exchange this year, including PT Chandra Daya Investasi Tbk. (CDIA).
Providing further granular detail, I Gede Nyoman Yetna, Director of Company Assessment at the Indonesia Stock Exchange (BEI), specified that the thirteen companies in the pipeline comprise two small-scale asset companies, six medium-scale asset companies, and five large-scale asset companies. He added that only two of these companies are utilizing financial statements as of July 2025, while the remainder are basing their applications on financial reports from the first half of 2025. Nyoman stated in a written response on Friday (October 24, 2025) that, “The majority of prospective listed companies currently in the pipeline are projected to execute their share listings in 2025, provided there are no concerns related to the public offering.”
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Summary
The Indonesia Stock Exchange (BEI) has announced thirteen companies in its Initial Public Offering (IPO) pipeline, with strong investor demand expected to persist towards the year-end. This demand is buoyed by stable macroeconomic conditions, healthy market liquidity, and the positive performance of previous IPOs. Most of these prospective companies are projected to execute their listings in 2025.
Investors are increasingly evaluating the strength of the controlling entities behind new IPOs, attributing post-listing share price rallies to compelling narratives, strong fundamentals, and influential backing. Companies demonstrating robust business performance, promising sectoral outlooks, and unique offerings, supported by thorough analysis, are anticipated to sustain their momentum.