Indonesia eyes US$11b in capital market fundraising for 2023

INDONESIA is targeting 170 trillion rupiah (S$14.6 billion) in capital market fundraising for this year, including from initial public offerings (IPOs) and debt instruments, its financial regulator said on Monday (Jan 2), well below the amount raised in 2022.

About 260 trillion rupiah was raised through the capital market last year, including the IPO of top tech firm GoTo Gojek Tokopedia, which raised US$1.1 billion in April.

Inarno Djajadi, head of capital market supervision at the Financial Services Authority, said there were 84 offerings in the pipeline with 81.41 trillion rupiah in total estimated value.

About 54.5 trillion rupiah of that would be from 58 potential IPOs.

Among companies expected to go public in 2023 are two units of state energy firm Pertamina, Pertamina Geothermal Energy and Pertamina Hulu Energi.

Pertamina Hulu Energi could raise up to US$2 billion, sources with knowledge of the matter told Reuters in December.

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Indonesia targets IPOs at 2 Pertamina units next year, says deputy minister

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State-Owned Enterprises Minister Erick Thohir in a separate event on Monday said that state palm oil grower Palm Co, a unit of state plantation firm PTPN III, may launch an IPO this year. REUTERS