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IDX Overhauls Listing Rules with IDR100 Trillion Pathway

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IDX Overhauls Listing Rules with IDR100 Trillion Pathway

The Indonesia Stock Exchange has rewritten its primary listing rules, establishing a 10,000-investor post-listing requirement for Main Board applicants alongside an IDR100 trillion market capitalisation route.

Board of Directors Decree No. Kep-00152/BEI/10-2026 took effect on 9 October 2026, replacing the earlier framework under Decree No. Kep-00045/BEI/03-2026 to govern public offerings across the IDX.

The revision eliminates standalone net tangible asset qualification for prospective issuers. Companies pursuing Main Board entry must now pair at least IDR250 billion in net tangible assets across their last two audited financial years and latest interim accounts with an established market capitalisation and an additional operating metric: pre-tax earnings averaging IDR100 billion over three years, revenue of IDR800 billion, total assets of IDR2 trillion, or operating cash flow of IDR100 billion. Alternatively, applicants can bypass asset tests entirely if they reach a market capitalisation of IDR100 trillion and equity of at least IDR10 trillion.

Development Board standards also faced upward revisions. Minimum commercial operating histories now span 24 consecutive months instead of 12, requiring full revenue records across that two-year period.

Financial thresholds for the secondary tier require IDR50 billion in net tangible assets alongside market valuations between IDR300 billion and IDR500 billion, depending on whether applicants qualify via profits, revenue, assets, or cash generation. A standalone route on the Development Board requires an IDR10 trillion market capitalisation alongside IDR1 trillion in equity. Applicants must also distribute allocations across at least 5,000 single investor identification holders after the offering closes, up from earlier distribution practices.

Capital markets in Southeast Asia have wrestled with tightly held listings that leave thin public floats after debut trading.


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