The Indonesia Stock Exchange (IDX) reported that eight large-asset companies are currently included in the pipeline for initial public offerings (IPOs). These companies will follow several new issuers that have already listed this year, such as PT Chandra Daya Investasi Tbk. (CDIA) and PT Raharja Energi Cepu Tbk. (RATU).

IDX Director of Corporate Valuation, I Gede Nyoman Yetna, stated that as of December 5, 2025, a total of 24 companies had listed their shares, raising Rp15.21 trillion in funds. “At present, there are 13 companies in the IDX IPO pipeline,” Nyoman noted in a written statement on Friday (5/12/2025).

In detail, 2 companies in the IPO pipeline fall into the small-asset category (assets below Rp50 billion). Another 3 companies have medium-scale assets between Rp50 billion and Rp250 billion. Meanwhile, 8 companies are categorized as large-asset companies with assets exceeding Rp250 billion.
By sector, the largest group comes from the financial sector with 5 companies, followed by 2 companies in basic materials and 2 companies in the transportation and logistics segment.

These companies will join the list of newly listed issuers throughout 2025, including CDIA, RATU, PT Indokripto Koin Semesta Tbk. (COIN), and PT Merdeka Gold Resources Tbk. (EMAS).
Additionally, two prospective issuers—PT Abadi Lestari Indonesia Tbk. (RLCO) and PT Super Bank Indonesia Tbk. (SUPA)—are currently in the process of preparing for IPO. RLCO has set its offering price at Rp168 per share, with the public offering period running from December 2–4 and share distribution scheduled for today, Friday (5/12/2025).

The non-cyclical consumer company released 625 million shares with a nominal value of Rp50 each, targeting to raise Rp105 billion in fresh capital.
Meanwhile, SUPA conducted its book-building process from November 25 to December 1, 2025, with an initial offering price range of Rp525–Rp695. Its IPO is scheduled for December 10–15. Based on this range, the digital bank could raise approximately Rp2.31 trillion to Rp3.06 trillion.

Investor Interest
KISI Sekuritas Head of Research, Muhammad Wafi, explained that market appetite for IPO shares remains strong. He noted that key drivers influencing demand include BI rate direction, IHSG movement, and previous IPO performance. “If macroeconomic conditions remain stable and market liquidity stays healthy, IPOs toward the end of the year will likely still attract strong interest,” Wafi said.

Similarly, Mirae Asset’s Head of Research & Chief Economist, Rully Arya Wisnubroto, highlighted that the recent surge in post-IPO share prices shows investors are placing more emphasis on the strength of the conglomerates behind new issuers.
Several IPO stocks this year are indeed linked to major business groups—CDIA is associated with tycoon Prajogo Pangestu, while RATU is backed by conglomerate Happy Hapsoro.
“Investors tend to look at the owners because it often indicates which groups are capable of maintaining the stock price. They want to see who is behind the IPO company,” Rully said.

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