How Indonesia’s IDX is getting ready to host mega tech listings

With Pandu Sjahrir, Commissioner, Indonesia Stock Exchange

Indonesia Stock Exchange (IDX) is seeking to tap the growing interest in the tech sector, especially homegrown brands that are looking to debut in the local public market. On August 6, 2021, e-commerce unicorn Bukalapak became the first tech unicorn of its generation to make a stellar debut on the IDX after raising $1.52 billion in its IPO in the bourse’s biggest offering since Adaro Energy’s issue in 2008. 

On its part, the IDX is looking at coming out with policy changes related to dual-class share regulation with multiple voting rights to accommodate more tech listings. The policy change is aimed at attracting more local tech companies to list in the domestic market instead of pursuing IPOs abroad. 

The archipelago has seen the highest number of IPOs in Southeast Asia since 2018 with 51 companies listing on the bourse in 2020. However, the total amount raised, at $421 million, was much smaller compared with the neighbouring markets of Malaysia, Singapore, and Thailand. 

As IDX Commissioner, Pandu Sjahrir – who is also a seasoned investor and board member at several of the region’s tech giants – is working closely to bridge policy gaps and to enable more tech listings on the local bourse.

Pandu Sjahrir wears many hats and is deeply entrenched in the region’s investment ecosystem. Sjahrir also serves as the chairman of SEA Group Indonesia, the board member of Gojek, and the director of Toba Bara, a listed energy enterprise in Indonesia. He is also the managing partner of Indies Capital, an Indonesia-focused alternative asset manager, which has invested in Bukalapak. Indies has a strategic alliance with AC Ventures, an ASEAN-focused early-stage fund. Together, they have invested in over 100 companies. 

In this keynote chat, we will ask Sjahrir about the demand for blockbuster IPOs in Indonesia, the pros and cons of local vs overseas listing and the need for tech companies to maximise stakeholder management in the geography of their operations.