JAKARTA — The Indonesia Stock Exchange (IDX) has released its latest monitoring report regarding the 15% minimum free float requirement. In response, MNC Sekuritas anticipates a significant increase in stock supply as listed companies move to comply with these mandatory thresholds.
Herditya Wicaksana, Head of Research at MNC Sekuritas, noted that hundreds of listed companies have yet to meet the minimum free float requirement. To facilitate compliance, regulators have introduced a phased transition period for these firms.
“Closing the free float gap, particularly among large-cap stocks, has the potential to significantly increase the supply of shares between 2027 and 2029,” Herditya stated on Friday, May 8, 2026.
Strategic Corporate Actions
To reach these targets, Herditya suggested that rights issues and secondary placements are likely to be the primary structural corporate actions adopted by companies. He added that going private would likely remain a last-resort option for issuers aiming to avoid shareholder dilution.
Compliance Deadlines and Thresholds
The IDX has established a clear timeline for companies to meet these regulatory standards. Issuers with a market capitalization exceeding IDR 5 trillion are required to reach a 12.5% free float by March 31, 2027, and reach the 15% mark by March 31, 2028. Meanwhile, companies with a market capitalization of less than IDR 5 trillion are granted until March 31, 2029, to achieve the 15% threshold.
Special provisions also apply to issuers currently holding a free float between 12.5% and 15%; these companies are mandated to meet the full 15% requirement by 2027.
Key Large-Cap Stocks to Watch
MNC Sekuritas highlighted several major stocks that investors should monitor closely as they work toward compliance. These include BREN (12.3% free float), TPIA (10.6%), and PANI (11%). Additionally, other notable companies currently below the threshold include DNET (6.2%), BNLI (10%), BRIS (9.3%), and HMSP (7.5%).
Disclaimer: This article is for informational purposes only and does not constitute financial advice or a recommendation to buy or sell any securities. Investment decisions remain the sole responsibility of the reader. The publisher is not liable for any losses or gains resulting from investment decisions made based on this information.
Summary
The Indonesia Stock Exchange (IDX) is enforcing a mandatory 15% minimum free-float requirement, prompting hundreds of listed companies to adjust their share structures. MNC Sekuritas anticipates a significant rise in market supply between 2027 and 2029 as firms utilize rights issues and secondary placements to achieve these compliance thresholds. Going private remains a last-resort option for issuers seeking to avoid shareholder dilution.
Regulators have established a phased timeline based on market capitalization, with deadlines extending through March 2029. Major stocks currently under scrutiny for not meeting these requirements include BREN, TPIA, PANI, and HMSP. Investors are advised to monitor these companies closely as they work toward fulfilling the IDX’s regulatory standards within the specified transition period.
