Still, the global picture remains filled with uncertainty amid geopolitical turmoil, US President Donald Trump's controversial policies and behavior, the looming Fed Funds Rate hikes, while China's economy may not be as stable as it looks. Most investors would therefore prefer to wait and see first before taking any big corporate moves. Moreover, the domestic political situation in Indonesia is also still plagued by tensions (although these have reduced) after the 2017 Jakarta gubernatorial election and former Jakarta governor Ahok's blasphemy trial.

Unsurprisingly, the value of IPOs is bleak as well so far this year in Indonesia. The biggest IPO so far in 2017 was that of Nusantara Pelabuhan Handal, collecting IDR 308.6 billion (approx. USD $23.2 million). Compared to preceding years (see table below) this forms a small IPO. Therefore, the new public companies have not contributed too much to the performance of the benchmark Jakarta Composite Index so far this year.

IPO Data Indonesia 2012-2017:

 2012
 2013  2014  2015  2016  2017¹
Number of IPOs    24    30    19    15    14     8
Total Value
(in IDR trillion)
 10.4  16.7   8.3  11.3  12.1  0.97
Biggest IPO
(in IDR trillion)
  2.2   1.5   2.5   1.0   5.2   0.3

¹ Per 6 June 2017
Source: Kontan

Compared to its regional peers, Indonesia has few listed companies. Wilson Sofan, Head of Research at Erdhika Elit Sekuritas, says this can be attributed to the mindset of Indonesia's rich (business) families. They are less interested in using the stock market as source of funds because they will need to share profit with other shareholders. If they have a profitable business, then they prefer to keep it for themselves and use a bank loan or sell bonds in order to obtain additional funds for business expansion (if this cannot be financed through internal cash reserves).

Last Update: 29 Mar 2021
IPOs on the Indonesia Stock Exchange up to 7 June 2017
CompanyP: 29 Mar 2021P: 28 Mar 2021Gain/LossP/E ttmYield %Gain/Loss YTD
Sanurhasta MitraMINA796423.44%N/A0.00%58.00%
Forza Land IndonesiaFORZ50500.00%N/A0.00%0.00%
Industri dan Perdagangan Bintraco DharmaCARS50500.00%N/A0.00%0.00%
Nusantara Pelabuhan HandalPORT490498-1.61%N/A0.00%16.11%
Sariguna PrimatirtaCLEO4684660.43%N/A0.00%-9.13%
Pelayaran Tamarin SamudraTAMU50500.00%N/A0.00%0.00%
Cahayasakti Investindo SuksesCSIS80765.26%N/A0.00%25.00%
Terregra Asia EnergyTGRA140142-1.41%N/A0.00%-49.28%
Combined Total1,4071,3960.79%-4.74%

Green colour indicates upward movement Red colour indicates downward movement P = price; E = earnings; D = dividend; Yield = D/P "N/A" indicates P/E < 0 (negative earnings) "-" indicates E,D,P or YTD is not available

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