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.
Stricter Hurdle for Small Floats
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.
Shareholder Dispersion and Floats
Capital markets in Southeast Asia have wrestled with tightly held listings that leave thin public floats after debut trading. Indonesia’s exchange is tackling that structural issue by enforcing absolute investor counts rather than relying strictly on percentage-based public floats.
For regional consumer conglomerates, retail chains, and fast-growing technology platforms eyeing Jakarta, the rules cut off quiet, insider-dominated public exits. Companies can no longer slip onto the Main Board through balance-sheet asset valuations alone without proving wide retail or institutional buy-in across 10,000 separate accounts. Existing listed issuers also face a higher bar, requiring more than 1,000 active investor accounts to maintain their Main Board tenure compared with the earlier 750-holder floor.
Five-Year Projections Replace Shorter Targets
Underwriting teams now absorb deeper accountability under the disclosure terms. Lead managers must submit equity research reports at the time of application, at the end of the sixth month following admission, and at the close of the twelfth month.
Filing documentation must feature integrated financial projections spanning at least five years, stretching past the historical three-year standard. Underwriters must execute and document formal due diligence on these five-year operating estimates, restricting aggressive growth claims often used to price retail and e-commerce listings.
Scrapping the Share Price Floor
Regulators removed the mandatory IDR100 minimum offering share price, handing dealmakers pricing room for fractional or high-volume issuances. Prospective applicants can also seek exchange clearance to count shares held by investment vehicles toward their official free float when underlying beneficiaries qualify as public investors.
Companies that lodged listing applications before 9 October 2026 remain subject to review under the previous regulations during the transitional window. The exchange has yet to release the operational timetable and verification steps for approving beneficiary-level free-float exemptions.
