Rancak Media JAKARTA – A robust set of Indonesia’s current economic indicators is poised to provide a strong foundation for significant economic growth in the coming year. This improving economic sentiment is rolling out the red carpet for 13 companies that had previously postponed their initial public offerings (IPOs), now preparing to capitalize on the promising market conditions.
According to data from the Indonesia Stock Exchange (BEI) as of December 12, 2025, a total of 25 companies have successfully completed their IPOs this year. Meanwhile, PT Super Bank Indonesia Tbk. (SUPA) is currently in its public offering phase and is targeted to be officially listed on the exchange by December 17, 2025. Beyond these, another 13 companies remain in the BEI’s IPO pipeline. The BEI had initially set a target of 45 IPOs for this year, a figure they are diligently working towards.
Coordinating Minister for Economic Affairs, Airlangga Hartarto, revealed that among these 13 companies, seven are considered “lighthouse” enterprises – large, prominent companies poised to go public. Their decision to pursue listings underscores a significant surge of optimism among business players regarding the Indonesian market’s potential.
“It seems there will be a spillover into January [2026]. We hope that if January is positive, the ‘January Effect’ will lead us towards a better economy in 2026,” Airlangga stated during the 37th anniversary celebration of the Indonesian Issuers Association (AEI) at the BEI in Jakarta, on Friday, December 12, 2025.
Airlangga expressed confidence that economic activity would show marked improvement at the start of 2026, following a year that presented various challenges. This optimism is fueled by several key economic indicators already signaling a positive trajectory for 2026, including a consumer index that remains above 100, reaching 124 in November. Furthermore, retail sales have grown by 5.9% year-on-year, the manufacturing PMI remains expansive at 53.3, inflation has been carefully managed at 2.72%, consumption credit has expanded by 7%, and the Jakarta Composite Index (JCI) has repeatedly shattered new records recently.
“With these indicators, we can say that next year we anticipate not a ‘headwind’ [hindering condition], but rather a ‘tailwind’ [supportive condition for growth],” he emphasized.
It is worth noting that the number of companies conducting IPOs has seen a decline since reaching a record high in 2023 with 79 companies listing on the exchange. In 2024, the number of companies going public decreased to just 41. Even for this year, the initial IPO target of 66 companies was revised downwards to 45.
Armand Wahyudi Hartono, Chairman of the AEI, attributed the year-on-year decrease in IPO numbers primarily to the current challenging business climate. “It depends on which companies genuinely need capital. The business world itself is currently facing significant challenges,” Armand elaborated.
Summary
Coordinating Minister for Economic Affairs, Airlangga Hartarto, anticipates a positive economic outlook for Indonesia in early 2026, fostering optimism for 13 companies preparing for Initial Public Offerings (IPOs). Seven of these are “lighthouse” enterprises, signifying strong business confidence in the market’s potential. Airlangga expects a “January Effect” to propel the economy, shifting from “headwind” to “tailwind” conditions.
This optimism is supported by robust economic indicators, including a consumer index above 100, 5.9% retail sales growth, an expansive manufacturing PMI at 53.3, managed inflation at 2.72%, and a rising JCI. While 25 companies completed IPOs in 2025 and 13 remain in the pipeline, the number of IPOs has seen a decline since 2023 due to a challenging business climate. The Indonesia Stock Exchange (BEI) aims for 45 IPOs this year.
