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Indonesia lowers 2023 target for capital market fundraising

Indonesia has lowered its target in capital market fundraising for this year. The Financial Services Authority (FSA) said Indonesia is targeting IDR170tr (USD11bn) in capital market fundraising for this year, including from initial public offerings (IPOs) and debt instruments, well below the amount raised in 2022. About IDR260tr was raised through the capital market last year, including the IPO of top tech firm GoTo Gojek Tokopedia, which raised USD1.1bn in April. Inarno Djajadi, head of capital market supervision at the FSA, said there were 84 offerings in the pipeline with IDR81.41tr in total estimated value. About IDR54.5tr of that would be from 58 potential IPOs. Among companies expected to go public in 2023 are two units of state energy firm Pertamina, Pertamina Geothermal Energy, and Pertamina Hulu Energi.


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