Indonesia's 10 Biggest State-Linked IPOs: MTEL Leads

JAKARTA, October 17, 2026 — As Indonesia's sovereign investment management institution Danantara considers bringing more state-owned businesses to the stock exchange in 2027, the country's history of major government-linked public offerings offers an indication of how much capital such transactions can mobilize.

Among ten prominent state-owned and state-linked companies examined, telecommunications infrastructure operator Dayamitra Telekomunikasi (MTEL) recorded the largest initial public offering, valued at approximately Rp18.34 trillion in November 2021.

Pertamina Geothermal Energy (PGEO) followed with an offering worth around Rp9.06 trillion in February 2023.

The transactions demonstrate the important role that public equity markets have played in financing businesses connected to Indonesia's state-owned corporate groups.

Yet the planned 2027 offerings involve more than fundraising. Danantara has also identified greater transparency, accountability and market oversight as potential benefits of becoming publicly listed.

Danantara's 2027 IPO Plans Remain Under Review

On October 7, 2026, Danantara CEO Rosan Perkasa Roeslani confirmed that several companies were being evaluated for potential public listings in the following year.

The assessment covers financial services, infrastructure and mining.

Rosan indicated that the institution was considering company readiness and potential demand from domestic and international investors.

Some prospective candidates could be identified before the end of 2026, although no final list had been publicly confirmed as of October 17.

This distinction matters because identifying a potential IPO candidate does not guarantee that the company will ultimately proceed with a public offering.

Market conditions, regulatory requirements, corporate readiness and valuation negotiations will all influence the timing and scale of future transactions.

Infrastructure and Energy Dominated the Largest Offerings

Two of the biggest transactions in the selected historical ranking came from businesses associated with long-term infrastructure development.

Dayamitra Telekomunikasi (MTEL)

Mitratel, a subsidiary of Telkom Indonesia, listed on the Indonesia Stock Exchange on November 22, 2021.

The company offered 22.92 billion shares at Rp800 each, producing a gross offering value of approximately Rp18.34 trillion.

Its operations focus on telecommunications towers and related network infrastructure services.

The transaction was notable for its scale and for expanding public-market participation in Indonesia's digital infrastructure sector.

Pertamina Geothermal Energy (PGEO)

PGEO joined the exchange on February 24, 2023, offering 10.35 billion shares at Rp875 per share.

The gross IPO value reached approximately Rp9.06 trillion.

The company develops and operates geothermal energy assets within the broader Pertamina business group.

Its listing represented a major public offering in Indonesia's energy sector and added a state-linked geothermal business to the domestic equity market.

The two transactions together amounted to approximately Rp27.39 trillion in gross offering value.

However, this figure does not represent combined net proceeds available for corporate investment after fees or the sale of any existing shareholders' stakes.

Construction and Aviation Also Raised Trillions

The third-largest offering in the selected group came from Waskita Beton Precast (WSBP).

The construction materials company listed on September 20, 2016, with an offering of approximately 10.54 billion shares priced at Rp490 each.

That produced an IPO value of roughly Rp5.17 trillion.

Garuda Indonesia (GIAA), the national airline, followed with an offering valued at approximately Rp4.75 trillion when it went public on February 11, 2011.

Garuda offered around 6.34 billion shares at Rp750 per share.

These two examples show that capital-intensive businesses across different industries have accessed public equity financing.

However, a large IPO value is not necessarily evidence of subsequent financial success.

The performance of a newly listed company depends on its business operations, balance sheet, governance and market conditions long after its shares begin trading.

Banks, Roads and Industrial Companies in the Rankings

Several other major state-linked listings occurred between the mid-1990s and early 2010s.

Jasa Marga (JSMR), Indonesia's toll-road operator, entered the exchange on November 12, 2007.

Its offering of 2.04 billion shares at Rp1,700 each generated approximately Rp3.47 trillion in gross value.

Bank Rakyat Indonesia (BBRI) made its market debut on November 10, 2003.

According to the bank's own historical disclosures, its public offering involved approximately 3.81 billion shares priced at Rp875, equivalent to around Rp3.33 trillion.

The transaction included a combination of newly issued shares and existing government-held shares.

Krakatau Steel (KRAS) listed on November 10, 2010, offering 3.155 billion shares at Rp850 each.

The resulting IPO value was approximately Rp2.68 trillion.

Together, these businesses demonstrate the diverse industries represented within Indonesia's public-sector corporate portfolio.

Historical IPO Rankings: Ten Selected Companies

The following figures compare the original gross share offering values of ten state-owned or state-linked issuers.

The table reflects a defined selection of companies rather than an exhaustive ranking of every state-linked offering in Indonesia's stock market history.

For Bank Rakyat Indonesia, the calculation follows the original share count disclosed in the bank's annual report. Some secondary financial databases report a different historical offering quantity, creating a methodological difference.

The Early Listings That Helped Build Indonesia's Public Equity Market

Three additional companies complete the ten-company comparison.

Bank Mandiri (BMRI) listed on July 14, 2003.

Historical IPO records reviewed for this article show an offering of approximately 2.9 billion shares at Rp675 per share, equivalent to Rp1.96 trillion.

Perusahaan Gas Negara (PGAS) entered the stock exchange on December 15, 2003.

The gas transmission and distribution company offered approximately 1.296 billion shares at Rp1,500, raising a gross offering value of Rp1.94 trillion.

PGAS is now part of the Pertamina corporate group.

Telkom Indonesia (TLKM), meanwhile, has the earliest listing date among the selected companies.

It made its domestic stock market debut on November 14, 1995, offering approximately 933.33 million shares at Rp2,050 each.

That corresponds to an IPO value of approximately Rp1.91 trillion.

Telkom's presence illustrates how large government-controlled businesses were already accessing equity markets decades before the establishment of Danantara.

Why State-Owned and State-Linked Companies Must Be Distinguished

The term state-owned enterprise, or SOE, is often used broadly in public discussions of Indonesia's corporate sector.

However, there is an important distinction between companies directly owned by the government and subsidiaries owned through a larger state-controlled corporate group.

MTEL is a subsidiary of Telkom Indonesia, while PGEO operates within Pertamina's business structure.

WSBP historically belonged to the Waskita Karya group, and PGAS is also part of Pertamina's portfolio.

These ownership relationships are not identical to direct government shareholdings.

Understanding the distinction helps investors assess corporate control, financial reporting relationships and the influence of parent companies.

It also explains why an IPO involving a state-linked subsidiary should not automatically be interpreted as a direct sale of government-owned shares.

Gross IPO Proceeds Are Not the Same as Corporate Funding

Public discussions frequently describe the total value of an IPO as funds raised by a company.

The distinction is not always straightforward.

Gross offering value is typically calculated by multiplying the number of shares offered by the final offering price.

But IPOs can involve both newly issued shares and existing shares sold by shareholders.

When a company issues new shares, proceeds generally flow to the issuing company, subject to transaction expenses.

When existing shareholders sell shares, the proceeds go to those selling shareholders instead.

Therefore, a company's gross IPO value may differ from the net amount of fresh capital entering its balance sheet.

This distinction is especially relevant when comparing historic state-owned enterprise IPOs.

What Investors Should Watch Ahead of 2027

Danantara's potential 2027 IPO pipeline could bring new public investment opportunities across financial services, infrastructure and mining.

However, no offering size or final valuation can be established before individual transactions are formally announced.

Investors will need to examine each company's prospectus, ownership structure, financial statements, proposed use of proceeds and risk disclosures.

Large public offerings can improve market visibility and broaden shareholder participation, but listing size alone does not establish investment quality.

The next wave of potential state-linked IPOs will also test whether Danantara's emphasis on transparency and accountability translates into meaningful improvements in governance.

Indonesia's IPO history shows that companies connected to the state have already executed transactions worth trillions of rupiah.

The more important question for 2027 is whether new listings can create sustainable benefits for the businesses involved and their future public shareholders.

Which sector would you be most interested in researching if Danantara brings more state-linked companies to the Indonesia Stock Exchange in 2027: financial services, infrastructure or mining?

Disclaimer: This article is for news and educational purposes only. Historical IPO proceeds are not indicators of future share-price performance and should not be interpreted as investment recommendations.