The default: public offering via e-IPO, listing on Main/Development Board. ~3–4 months execution from filing. S13
POJK 53/2017: simplified prospectus, low cost, raise capped at IDR 50–250 bn. For independent SMEs. S10
Acquire a listed company + mandatory tender offer + inject the business. Fast, no offering — but MTO cost, 2-year refloat and shell-liability risk. S18S19
Become an issuer via public bonds without floating equity — building capital-market track record before an equity IPO. S20
See the funding routes in full →
≥300 shareholders + IDR 3 bn paid-up capital → OJK registration ("Tbk" without listing), then a company listing. Rarely used. S20
A delisted company may return after ≥6 months, once the cause is cured and current listing tests are met (Rule I-N 2024). S21
Dual listing is now demonstrably possible: Merdeka Gold Resources (EMAS) began trading on the Hong Kong Stock Exchange on 26 June 2026 via Hong Kong Depositary Receipts priced at HK$26.60 — the first Indonesian dual listing in over 20 years, and Hong Kong's first HDR listing in more than a decade. The other path is moving the holding company to Singapore or the Cayman Islands before listing, the familiar route for venture-backed technology companies. Realistically: a handful of companies a year, not a common route. S36
Not available in Indonesia: SPACs and direct foreign listings. S22S23
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