Indonesia’s biggest IPO of 2025 surges 500% as tycoon Pangestu fever grips the market

[JAKARTA] Chandra Daya Investasi, the latest public listing from Indonesian tycoon Prajogo Pangestu’s business empire, has skyrocketed more than 500 per cent since its Jul 9 debut on the Indonesia Stock Exchange (IDX).

The listing – reportedly one of the most oversubscribed in the bourse’s history – has breathed new life into a sluggish equity market, helping offset sharp foreign capital outflows totalling 59 trillion rupiah (S$4.6 billion) so far this year amid global trade tensions and investor caution over Indonesia’s growth outlook.

Analysts say the stock’s surge also signals Pangestu’s growing pull in Indonesia’s capital market, as investors, especially retail players, flock to stocks tied to his sprawling petrochemical-to-ports conglomerate, Barito Group. They are drawn by its prospects, financial muscle, and the backing of a billionaire whose name still carries weight.