The Journey

Going-Public Process & Cost

1
3–6+ MONTHS

Preparation & Restructuring

Group/licensing clean-up, related-party hygiene, governance organs (≥30% independent commissioners, audit committee), Tbk conversion GMS, appointing underwriter & professionals. S13S19

2
±2 MONTHS

IDX & OJK Filings

IDX mini expose & preliminary approval (~10 exchange days), OJK registration statement (POJK 7 & 8/2017), comment rounds — respond within 10 business days. S13

3
±1 MONTH

Bookbuilding & Offering

Prospectus publication, roadshow, e-IPO bookbuilding with a price range, OJK effective statement (20 business days), offering period 1–5 days. S13

4
DAY ONE

Allotment & Listing

Allotment (incl. mandated retail tranche), funds at T-1, first listing and opening trade on IDX. S13

∞
ONGOING

Life as a Listed Company

Disclosure within 2 business days, periodic reporting, maintain ≥15% free float & holder counts, 12-month controller lock-up, board reviews each May & November. S3S4S7

All-in cost:~2.7–6% of proceeds — underwriters 1.1–2.7%, accountants, legal, notary, registrar, OJK levy 0.05%, IDX & KSEI fees, marketing. S13

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