The Indonesia Stock Exchange (IDX) has set a target of 50 initial public offerings (IPOs) for 2026, while revising this year’s target down from 66 to 45 companies.

“We are optimistic that next year we can reach 50 IPOs. However, we aim to see an increase in the number of ‘lighthouse’ companies going public,” IDX President Director, Iman Rachman, told a press conference following the Extraordinary General Meeting of Shareholders (EGMS) 2025 on Wednesday, October 29, 2025.

He cited that there are six “lighthouse” companies preparing to list on the exchange − defined as firms with a minimum market capitalization of Rp3 trillion (US$180.4 million) and a free float of at least 15 percent, equivalent to a free float market cap of around Rp700 billion this year.

“So, it’s not only about quantity but also the quality of IPOs,” Iman said.

He expressed hope that more large-cap companies, including state-owned enterprises (SOEs) and their subsidiaries, would list their shares on the IDX in the coming years.

“We still see significant potential from SOEs and their subsidiaries to go public, supported by strong investor demand,” he said.

As of end-October 2025, 23 companies have completed IPOs on the IDX, with one more set to debut on November 5, 2025, through the e-IPO platform. The exchange also has 13 potential issuers currently in its pipeline.

IDX Director of Company Valuation, I Gede Nyoman Yetna, said the IPO pipeline consists of two small-scale companies, six medium-scale companies, and five large-scale companies. In addition, one company is in the pipeline for a rights issue, and 23 bond issuances are being prepared by 18 companies.

“Of all companies in the IPO pipeline, only two are using financial statements as of July 2025, while the rest are based on first-half 2025 results,” Nyoman said on Monday, October 27, 2025.

He noted that most of the potential issuers are expected to go public within 2025, provided there are no regulatory or procedural delays during the review process by the Financial Services Authority (OJK) and the IDX.

So far, no prospective issuer has submitted financial statements as of September 2025, but Nyoman emphasized that the IDX continues to conduct a comprehensive evaluation of potential listed companies − not only in terms of formal listing requirements, but also in business performance and overall quality.