JAKARTA – The Composite Stock Price Index (IHSG) is poised to break the 9,000 level by the end of 2025, according to Irvan Susandy, Director of Trading and Exchange Member Regulation at the Indonesia Stock Exchange (BEI). This optimistic forecast for the Indonesian stock market is fueled by a confluence of positive domestic sentiments.
Speaking in a sideline interview at the BEI Building in Jakarta on Monday, November 3, 2025, Susandy declared, “By year-end, the IHSG will reach 9,000. God willing.” He elaborated that this anticipated surge in the national stock index is underpinned by several key factors. Foremost among them are the robust financial performances reported by listed companies (issuers) for the third quarter of 2025, alongside projections for a stronger national economy in the fourth quarter of the same year.
Adding to these positive signals, a substantial pipeline of companies is slated for Initial Public Offerings (IPOs) on the Indonesian capital market. This includes several “lighthouse companies,” a term used for large-capitalization firms expected to provide significant impetus to market activity and investment outlook.
Susandy reiterated his confidence, stating, “Our hope is for strong financial reports and favorable economic conditions. As we’ve seen, the IHSG is experiencing growth and continues its upward trend. Transaction volumes are healthy, retail investor participation is robust, and the development of listed companies has been promising so far.”
Reflecting this positive sentiment, the IHSG demonstrated significant strength on Monday, November 3, 2025, closing up 107.02 points, or 1.31 percent, at 8,270.89 by 15:45 WIB. Year-to-date, the index has already climbed an impressive 1,186.74 points, marking a 16.76 percent increase to reach 8,266.53.
Currently, the BEI’s IPO pipeline features a total of 13 companies, indicating a healthy flow of new listings. This diverse group comprises two companies with small assets (below IDR 50 billion), six with medium assets (between IDR 50 billion and IDR 250 billion), and five with large assets (exceeding IDR 250 billion).
Among these, three are specifically categorized as “lighthouse companies,” meeting stringent criteria that include a minimum market capitalization of IDR 3 trillion combined with a free float of at least 15 percent, or a free float market capitalization exceeding IDR 700 billion. These prominent new entrants are expected to further bolster the market.
I Gede Nyoman Yetna, Director of Company Assessment at the BEI, anticipates that the majority of these companies in the IPO pipeline will complete their public listings in 2025. This timeline is further supported by the fact that only two companies are utilizing financial reports as of July 2025 for their applications, while the remainder are basing their submissions on their first-half 2025 financial statements.
Summary
Irvan Susandy, Director of Trading and Exchange Member Regulation at the Indonesia Stock Exchange (BEI), forecasts the Jakarta Composite Index (IHSG) to reach 9,000 by the end of 2025. This optimistic projection is fueled by robust financial performances from listed companies in the third quarter of 2025 and an anticipated stronger national economy in the fourth quarter. A substantial pipeline of Initial Public Offerings (IPOs), including several large “lighthouse companies,” is also expected to significantly propel market activity and investor sentiment.
The IHSG closed at 8,270.89 on November 3, 2025, marking a 1.31 percent increase and a 16.76 percent year-to-date climb. The BEI currently has 13 companies in its IPO pipeline, featuring three “lighthouse companies” among them. Most of these public listings are anticipated to be completed in 2025, further contributing to the market’s upward trend.