Regulation Watch · Business Licensing · Indonesia. The decision governs initial and continuing share listings on the Indonesia Stock Exchange Main Board and Development Board. It directly affects Indonesian and foreign-controlled companies preparing an Indonesian IPO, listed PT PMA and PT PMDN companies, controlling shareholders, directors, commissioners, audit committees, underwriters, finance teams and public investors. It does not itself change foreign-investment ownership limits or the sector licences required by an operating company.
IDX Raises IPO and Main Board Listing Standards
IDX Decision Kep-00152/BEI/10-2026 replaces the March 2026 Rule I-A with higher IPO entry tests, 5-year projections, equity research duties, tighter Main Board criteria and staged free-float deadlines.
- Published
- Issued by the Indonesia Stock Exchange on 7 October 2026 after OJK approval dated 2 October 2026. The official IDX decision and consolidated Rule I-A identify no separate State Gazette promulgation date.
- Effective
- 9 October 2026. Initial-listing applications submitted before that date continue under IDX Decision Kep-00045/BEI/03-2026, while later applications must use the replacement rule.
- Added to Watch
- 22 October 2026
Who is affected
Companies planning a Main Board or Development Board IPO, listed companies, listed PT PMA and PT PMDN groups, controllers and other shareholders, directors, commissioners and audit committees, underwriters, accountants, corporate secretaries, legal and financial advisers, institutional and retail investors, and teams responsible for free float, investor relations, financial reporting, corporate actions and exchange compliance.
Practical impact
A Main Board applicant now needs at least 36 months of commercial operations, audited financial history for at least three financial years, positive retained earnings, one of five substantially higher financial and valuation tests, at least 300 million free-float shares and, for an IPO, at least 10,000 SID holders. A Development Board applicant generally needs 24 months of operations, audited financial statements covering at least 24 months, one of five revised tests, at least 150 million free-float shares and at least 5,000 SID holders after an IPO. Every new applicant must submit financial projections for at least five years that the underwriter has diligenced, together with an equity research report at application and further reports at months six and twelve after listing. Existing Main Board companies must meet continuing profitability or revenue-growth, shareholder, free-float market-capitalisation, valuation or size, audit-opinion, sanction-history and positive retained-earnings tests or face transfer to the Development Board at the May or November evaluation. The 15 percent continuing free-float rule has staged transition dates based on market capitalisation and the company's free float on 31 March 2026.
IDX issued Decision Kep-00152/BEI/10-2026 on 7 October after OJK approved the second-stage Rule I-A amendments on 2 October. The decision took effect on 9 October and revoked the March 2026 decision. An initial-listing application submitted before 9 October remains under the former entry requirements, but later applications must use the replacement rule.
The Main Board entry threshold is materially higher. An applicant needs at least 36 consecutive months of commercial operations in the same core business, revenue over the last three financial years, audited financial statements for at least three years, unmodified opinions for the latest two years and any latest interim period, and positive retained earnings in the latest submitted financial statements. It must also satisfy one of five combinations of market capitalisation, equity, net tangible assets, pre-tax profit, revenue, total assets or operating cash flow.
A Main Board IPO must place at least 300 million free-float shares and satisfy the percentage band tied to pre-listing market capitalisation, then reach at least 10,000 SID holders after the offering. A Development Board applicant generally needs 24 months of commercial operations and audited coverage, one of five revised financial tests, at least 150 million free-float shares and at least 5,000 SID holders after an IPO. A Development Board applicant without positive retained earnings must project positive retained earnings by the end of its third financial year after listing.
The application file now includes at least five years of financial projections and assumptions, with the underwriter conducting due diligence on the projected business performance. The lead underwriter must also produce an equity research report at the application stage and at the end of months six and twelve after listing, supported by a written research contract. This adds preparation work and post-listing deliverables that should be built into the engagement scope and IPO calendar.
Existing Main Board companies face a broader continuing test. The company must avoid two consecutive years of net loss or show at least 20 percent compound annual revenue growth over three years, have more than 1,000 SID holders and free-float market capitalisation above Rp200 billion, satisfy the stated valuation or Rp12 trillion market-capitalisation test, avoid an IDX warning III in the prior year, hold unmodified audit opinions for two consecutive financial years and report positive retained earnings in its latest financial statements. Failure moves the listing to the Development Board through the May or November evaluation process.
The general continuing-listing floor is at least 50 million free-float shares, 15 percent of listed shares and 300 SID holders, but the decision staggers the percentage transition. Companies with at least Rp5 trillion market capitalisation on 31 March 2026 follow a 2027 or 2028 milestone depending on their starting free float. Companies below Rp5 trillion have until 31 March 2029. IDX starts sanction monitoring from the ownership-registration report at 31 March 2027 while respecting those milestones.
A listed company should treat the decision as a board-level capital-markets workstream. It should reconcile its current board classification, retained earnings, profitability, shareholder count, free-float value and percentage, audit status, warning history and financial-reporting capability, then document the action plan. The rule does not change foreign ownership or operating licences, so a foreign-controlled issuer must continue to comply separately with the investment and sector rules applicable to its business.
Required action
- For an IPO filed on or after 9 October 2026, re-run Main Board and Development Board eligibility against the new operating-history, audited-period, retained-earnings, financial, valuation, free-float and SID-holder tests before confirming the board or timetable.
- Prepare at least five years of financial projections with documented assumptions and arrange the underwriter's due diligence on the projected business performance.
- Contract with the lead underwriter for the required equity research reports and calendar delivery at the listing application, the end of month six and the end of month twelve after listing.
- For an existing Main Board company, test the latest financial statements against the no-two-year-loss or 20 percent three-year revenue CAGR route, more than 1,000 SID holders, free-float market capitalisation above Rp200 billion, the valuation or Rp12 trillion market-capitalisation test, clean warning history, two years of unmodified audit opinions and positive retained earnings.
- Classify the company by its 31 March 2026 market capitalisation and free-float percentage, then approve a shareholder and capital-markets plan for the applicable 12.5 percent or 15 percent transition milestone.
- Ensure the company has a qualified in-house financial-statement preparer or appoints a practising accountant or public accountant before the requirement starts on 31 March 2027.
- Monitor the IDX circular on continuing education and prepare directors, commissioners and the audit committee to complete the required capital-market and governance education when that circular becomes effective.
- For any application submitted before 9 October 2026, preserve the IDX submission receipt and confirm that it qualifies for evaluation under the March 2026 rule rather than assuming that later preparatory work is grandfathered.