IPO Wave Expected to Surge in Indonesia as 11 Companies Prepare to List on the IDX
JAKARTA – At least 11 companies across various sectors are lining up to make their initial public offering (IPO) debut on the Indonesia Stock Exchange (IDX) in the remaining months of 2025. Analysts predict that companies from the technology and basic materials sectors will be the stars of this upcoming IPO wave.
According to the Exchange’s records, these eleven prospective issuers hail from a diverse range of sectors, including consumer goods, basic materials, finance, transportation and logistics, industrials, and technology.
Throughout 2025, 23 companies have already been officially listed on the IDX. However, eight of these have experienced a decline in their share prices since their IPOs, with a significant portion originating from the consumer sector. Specifically, two were from the cyclical consumer segment and two from the non-cyclical consumer segment, while the remaining four came from the healthcare, property, infrastructure, and basic materials sectors.
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Liza Camelia, Head of Equity Research at Kiwoom Sekuritas, believes that newly listed stocks from the basic materials and technology sectors have the potential to deliver impressive performance in the remaining months of the year. She points to the upward trend in commodity prices as a key catalyst for the basic materials sector.
“The technology and basic materials sectors are quite attractive and have the potential to record positive performance because basic materials are linked to commodities,” Liza said in an interview on Tuesday, October 7, 2025.
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The strong performance of the basic materials sector is exemplified by PT Merdeka Gold Resources Tbk (EMAS), which officially listed its shares on the Exchange in September. During its IPO, EMAS offered shares at a price of Rp2,880 per share, and they have since surged to Rp4,350 per share as of trading on Tuesday, October 7, 2025.
Investor enthusiasm for EMAS shares was high, as reflected in the oversubscription of 4.62 times. This surge in interest aligns with the global gold price rally, which is supporting the company’s fundamental outlook.
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Throughout 2025, global gold prices have indeed been on a bullish trend. For instance, the spot gold price, which was at US$2,658 per ounce on January 2, 2025, has now surpassed US$3,965.7 per ounce. Several analysts anticipate that this upward momentum will continue until the end of the year.
On another front, the projected continuation of interest rate cuts is providing a tailwind for the technology sector. Liza believes that looser monetary conditions will be a positive catalyst for technology companies that are sensitive to borrowing costs.
“Amidst declining interest rates and increased liquidity, the technology sector will be attractive due to lower interest costs,” she added.
Meanwhile, Maximilianus Nicodemus, Associate Director of Pilarmas Investindo, believes that the attractiveness of IPOs in late 2025 will heavily depend on the fundamental strength and business prospects of the prospective issuers.
“While sector does have an influence, especially for consumer goods which correlate with purchasing power, if a company that is about to list has strong fundamentals, bright prospects, and funding for expansion, what’s not to like?” he said.
Nico added that affiliation with large conglomerates will further increase market interest in new stocks. In his view, the combination of a strengthening IDX Composite (IHSG), solid fundamentals, and the reputation of a major group will be the main driving factors behind investor interest.
“The strengthening IHSG momentum provides positive expectations for companies planning an IPO. The rise of the IHSG signals an economic recovery supported by new programs and policies, both fiscal and monetary,” he added.
Similarly, Investment Analyst Ekky Topan from Infovesta Utama believes that sector is not the sole determinant of IPO success in Indonesia. According to him, the reputation of the issuer’s owners and the credibility of the underwriter are also key considerations for investors.
“If the issuer planning an IPO comes from a large group with an attractive track record of stocks, then market interest from both retail and institutional investors will tend to be high,” Ekky said.
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Summary
Eleven companies across various sectors in Indonesia are expected to launch their IPOs on the IDX in late 2025. Analysts anticipate strong performance from the technology and basic materials sectors, driven by factors such as rising commodity prices and potential interest rate cuts. While the consumer sector has seen some price declines among recent IPOs, experts emphasize the importance of solid company fundamentals and growth prospects.
Factors beyond sector, such as the reputation of the company’s owners, the credibility of the underwriter, and affiliation with large conglomerates, will significantly influence investor interest in the IPOs. A strengthening IDX Composite (IHSG), reflecting positive economic momentum, further supports investor confidence. Ultimately, the success of these IPOs will depend on a combination of favorable market conditions and the individual strengths of the companies going public.