Indonesia’s IPO market doubles in early 2025, but can it stay hot?

[JAKARTA] Indonesia’s initial public offering (IPO) market is off to a roaring start in 2025, raising nearly US$420 million from 13 listings – almost double last year’s tally for the same period – but the rally may be short-lived.

Analysts warned that the momentum may not last, as ongoing macroeconomic volatility, escalating geopolitical tensions and shifting capital flows cast doubt over Jakarta’s ambitious IPO target for the year.

By early May, 13 companies debuted on the Indonesia Stock Exchange (IDX), pulling in 6.94 trillion rupiah (S$543.2 million) in proceeds – a 79 per cent increase in value compared to the same period last year. Analysts cited the surge in renewed investor confidence after Indonesia’s presidential election last year.