Indonesian IPO Market Performance and 2026 Outlook

Mixed Results in 2025 IPO Activity

The Indonesian IPO market concluded 2025 with 26 companies listing on the Indonesia Stock Exchange (BEI), raising a total of Rp 18.11 trillion ¹

. This represents a 26% increase in funds raised compared to 2024's Rp 14.35 trillion from 41 listings. The BEI had initially targeted 66 IPOs but later revised this to 45, meaning the actual number still fell short at 57.8% of the revised target ¹

Source 1

https://investasi.kontan.co.id/news/gelaran-ipo-hanya-capai-91-dari-target-bei-di-2025-begini-potensinya-di-2026

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Positive Performance of IPO Stocks

Of the 26 new listings, 16 stocks showed gains from their IPO prices, while one remained flat and nine experienced declines as of December 24, 2025. The most successful IPO was PT Indokripto Koin Semesta Tbk (COIN), which surged 3,490% from its IPO price of Rp 100 to Rp 3,590 ⁶

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Analyst Predictions for 2026

Optimistic Outlook from Securities Firms

BNI Sekuritas predicts the IHSG will reach 9,100 by end-2026, citing favorable global conditions including expected interest rate cuts by The Fed ²

. BRI Danareksa Sekuritas sets an even higher target of 9,440, based on projected earnings per share growth of 8% and a P/E valuation of 14.2x, which aligns with historical averages for strong fundamental stocks ³

Source 3

https://investasi.kontan.co.id/news/bri-danareksa-tetapkan-target-ihsg-capai-9440-hingga-akhir-tahun-2026

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IPO Pipeline and Market Sentiment

As of December 24, 2025, there were nine companies in the IPO pipeline for 2026, comprising two small-cap, four mid-cap, and three large-cap companies ⁵

. Analysts expect a more vibrant IPO market in 2026 driven by economic recovery and expansive fiscal policies ⁴

Source 4

https://investasi.kontan.co.id/news/gelaran-ipo-berpotensi-lebih-semarak-pada-2026-ini-sentimen-pendorongnya

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