Sources & Methodology

Source Register

Every factual claim on this site carries an [S#] tag resolving to the register below. Figures are triangulated across ≥2 independent professional sources, as IDX's own rule PDFs are access-restricted.

Partially re-verified: 13 August 2026 (S4 free float & SID corrected). Other entries: 18 July 2026

S1Rule I-A 2026 (Kep-00045/BEI/03-2026): free-float tiers 25/20/15%, retained-earnings test, effective 31 Mar 2026 — AHP client alert · PDF

S2Five financial options & thresholds per board; 36/12-month history; 1,000/500 SID; share minimums — Baker McKenzie listings guide · PwC IPO guide

S32026 reform detail: retained earnings, lock-up, free-float definition, phase-in — ABNR · Rajah & Tann

S4Continuing free float: 25%/20%/15% at initial listing by market cap, and phased maintenance for listed companies through 2027–2029 (effective 31 Mar 2026); demotion mechanics. Correction 13 Aug 2026: this entry previously read “750-SID Main Board maintenance” — that figure is not supported by the sources cited; AO Shearman states the new rule does not alter the minimum SID-holder requirements. The figure has been removed, not replaced, pending a primary source — AO Shearman · White & Case

S5Special Monitoring Board / full call auction criteria — Liputan6 · Bisnis.com

S6Development Board loss-maker projection (year 2 / year 6) — PwC IPO guide

S7May/November board evaluations; May 2026 promotions/demotions — Kumparan

S8New Economy Board criteria (Rule I-Y; CAGR ≥30%, tech innovation) — ABNR

S9Multiple voting shares (POJK 22/2021): thresholds & mechanics — OJK (PDF resmi)

S10SME issuer definitions, big-group exclusion, raise caps (POJK 53/2017) — OJK POJK 53/2017

S11Acceleration Board rules (I-V): 20% float, 300 SID, IDR 50 price, year-6 profit — HBT Law · CNBC Indonesia

S12Acceleration listing fees — ADCO Listing Handbook 2025

S13Process, timeline, cost stack 2.7–6% — ADCO Listing Handbook 2025 · Bisnis.com (datapoint Bukalapak)

S14963 listed companies (Jul 2026); IPO counts 2023–2026 — Antara · CNBC Indonesia

S15GOTO & BELI demoted to Development Board (May 2026) — RCTI+/IDX Channel

S1619% CIT incentive (PP 55/2022, ≥40% free float, ≥300 holders) — Ortax

S170.1% final tax on-exchange (+0.5% founder shares) — Ortax · IDX (perpajakan)

S18Takeover/MTO + 2-year refloat, no extension (POJK 9/2018) — Baker McKenzie (PDF) · PwC legal alert

S19Material & affiliated transaction gates (POJK 17 & 42/2020) — SSEK

S20Issuer vs public company (300 holders / IDR 3 bn); debt route — OJK — Issuer & Public Company

S21Delisting/relisting Rule I-N 2024 (≥6 months) — MKK Law (PDF)

S22SPACs not available — IFLR/AHP

S23No direct foreign listing; SPEI unused — Baker McKenzie quick summary

S24IPO motives — survey of 336 CFOs: acquisition currency #1, market windows dominate timing — Brau & Fawcett 2006, Journal of Finance (open PDF)

S25Why companies go public — empirical evidence: listing follows major investment, high sector valuations predict IPOs, controlling-shareholder divestment is common — Pagano, Panetta & Zingales 1998, Journal of Finance (NBER PDF)

S26POJK 17/2025 — Securities Offerings via Crowdfunding: IDR 10 bn/12-month cap (Art. 81), issuer net worth & conglomerate bar (Art. 103), 45-day offering window (Art. 83), investor purchase limits 5%/10% (Art. 125) — full text, JDIH BPK

S27POJK 30/2019 — Issuance of Debt Securities/Sukuk Without a Public Offering (MTN): professional investors, mandatory rating, trustee — full text, JDIH BPK

S28POJK 36/2014 — Shelf Registration for Debt Securities/Sukuk: the 2-year Emiten requirement, no default, top rating category — full text, JDIH BPK

S29A registration statement becomes effective on the 20th working day after OJK receives the complete filing (the clock restarts if OJK requests changes) — standard prospectus provision, e.g. SMART Tbk Prospectus 2025

S31Corporate debt issuance reached IDR 284.3 tn in 2025 (+89.87% yoy; bonds & sukuk IDR 219.1 tn, MTN IDR 62.7 tn from IDR 1.5 tn) — Pefindo via Infobank, January 2026

S35Itemized real bond issuance costs — 1.050190% of issue value in total (underwriting 0.2775%, accountants 0.1665%, legal 0.13875%, rating 0.07215%, trustee 0.01665%, notary 0.014985%, other 0.086155%) — SMART Tbk Prospectus, Shelf Bond V Phase I 2025

S36Merdeka Gold Resources (EMAS) listed on the Hong Kong Stock Exchange on 26 June 2026 via HDRs 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 — Jakarta Globe, June 2026

S37IDX listing data as of 17 July 2026 — 7 IPOs raising IDR 2.16 tn; 114 debt-securities emissions from 62 issuers raising IDR 103.86 tn; a 50-listing target; 4 candidates queued. Stated by Saidu Solihin, IDX Director of Company Assessment — KabarBursa, July 2026

S38Per-issuer offering sizes for 2026 and the sector mix of the IPO queue — StockWatch, July 2026

Verification note: items to re-verify with counsel before any paid campaign — the exact 2026 rule text of the five financial options, the OJK levy cap, and Acceleration-Board lock-up specifics.