IPO Pipeline Shifts as Indonesian Issuers Await Regulatory Clarity

Jakarta, Indonesia – Several prospective issuers who had initially mandated BRI Danareksa Sekuritas for initial public offerings (IPOs) are postponing their listings on the Indonesia Stock Exchange (IDX) until at least the first half of 2026. The delay is attributed to ongoing developments and anticipated changes in capital market regulations, prompting a “wait-and-see” approach from potential listed companies.

Regulatory Uncertainty Drives Delay

According to Fifi Virgantria, Senior Executive Vice President Retail & Information Technology at BRI Danareksa Sekuritas, the firm had secured IPO mandates from multiple prospective issuers across various sectors, including medical, construction, property, shipping, and green energy. BRI Danareksa Sekuritas is currently working with these companies, but the timing of their listings remains uncertain.

“At the beginning of the year there were actually several pipeline but looking at the current state of development, I think wait and see as well as an issuer,” Virgantria stated at the BRIDS 2026 Economic Outlook event on February 13, 2026. Issuers are currently evaluating proposed changes to IDX regulations concerning free float requirements, data transparency, and Ultimate Beneficial Ownership (UBO) disclosure.

Key Regulatory Changes Under Review

The anticipated changes include adjustments to the minimum free float, requiring a higher percentage of shares to be available for public trading. Issuers are awaiting clarity on these new regulations, which are expected to be finalized in May 2026. The changes to free float requirements are a key consideration for companies evaluating their IPO structure.

Virgantria emphasized that BRI Danareksa Sekuritas, as an underwriter, will ensure all prospective listed companies comply with the updated regulations before proceeding with their IPOs. The firm is prepared to adjust IPO structures to meet the new free float requirements once the IDX officially releases the regulations.

IPO Mandates and Valuation

BRI Danareksa Sekuritas currently holds 5-6 IPO mandates from companies in diverse sectors. Discussions regarding valuation are ongoing between the firm and each prospective issuer. The exact number of issuers that will proceed with listings in early 2026 remains unclear, pending the finalization and implementation of the new regulations.

Virgantria added that BRI Danareksa Sekuritas will facilitate discussions between potential issuers and listed companies to address the policy changes in a measurable manner.

About BRI Danareksa Sekuritas

BRI Danareksa Sekuritas has over 40 years of experience in the Indonesian capital market, providing investment solutions to Indonesian investors. Fifi Virgantria has been with the firm since February 2023, previously holding positions at PT. MNC Sekuritas, and PT. Danpac Sekuritas. Her profile indicates a strong background in retail and information technology.