Indonesia plans to create startup IPO market

Jakarta

INDONESIA plans to establish a dedicated section within its main stock exchange to host initial public offerings (IPOs) by startups, as South-east Asia's largest country pursues its vision of becoming a regional cradle of technology entrepreneurs. It wants to set up a new trading market - tentatively called the "technology board" - at the Indonesia Stock Exchange so founders and investors can more easily take their companies public, Communications and Information Technology Minister Rudiantara said.

The world's fourth-most populous country is on the cusp of an online boom after years of economic volatility, propelled by rising mobile penetration and one of Asia's youngest populations. E-commerce giants from Tokopedia to MatahariMall.com are capitalising on rising incomes while global players like Uber Technologies Inc set up shop. The country may now see its first two unicorns or billion-dollar startups within the year, the minister added.