Routes

6 Roads to Going Public

1Standard IPO

The default: public offering via e-IPO, listing on Main/Development Board. ~3–4 months execution from filing. S13

2SME IPO (Acceleration)

POJK 53/2017: simplified prospectus, low cost, raise capped at IDR 50–250 bn. For independent SMEs. S10

3Backdoor Listing

Acquire a listed company + mandatory tender offer + inject the business. Fast, no offering — but MTO cost, 2-year refloat and shell-liability risk. S18S19

4Debt/Sukuk First

Become an issuer via public bonds without floating equity — building capital-market track record before an equity IPO. S20

5Public-Company Registration

≥300 shareholders + IDR 3 bn paid-up capital → OJK registration ("Tbk" without listing), then a company listing. Rarely used. S20

6Relisting

A delisted company may return after ≥6 months, once the cause is cured and current listing tests are met (Rule I-N 2024). S21

Not available in Indonesia: SPACs and direct foreign listings. S22S23

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