Superbank, Merdeka Gold and Prajogo-linked IPOs jolt Indonesia’s equity market back to life

[JAKARTA] A rush of heavyweight initial public offerings (IPOs) in the second half of 2025, led by the likes of SuperBank and Merdeka Gold Resources, could help Indonesia’s equities shake off a year of volatility and get back in the game.

The deals could help revive liquidity and restore risk appetite – a tantalising prospect in a market where retail investors account for more than half of trading.

Analysts expect the listings of big groups, strongly favoured by retail investors, to remain a key driver of market optimism despite lingering macro and political uncertainties.