Aloysius Kiik Ro, Deputy for Restructuring and Business Development at Indonesia's Ministry of State-Owned Enterprises, said it involves the following companies: (1) Garuda Maintenance Facility (subsidiary of Garuda Indonesia), (2) PP Precision (subsidiary of Pembangunan Perumahan), (3) Wijaya Karya Gedung (subsidiary of Wijaya Karya), and (4) Jasa Armada Indonesia (subsidiary of Pelabuhan Indonesia II).

These units will also list in the above-mentioned order, hence the IPO of Garuda Maintenance Facility is first one that is on the agenda. Kiik Ro added that the IPOs are scheduled for the October-December 2017 period. Between each IPO there will be a two-week gap. The last IPO (Jasa Armada Indonesia) should occur in early December because investors tend to be on holiday in the second half of the month.

Combined, the Ministry of State-Owned Enterprises targets to collect up to IDR 11.1 trillion (approx. USD $835 million) from the four IPOs before the year-end.

Five other subsidiaries of state-owned companies are still planning their IPO. However, contrary to initial plans, they expect to become publicly-listed companies 2018, not in 2017. Several reasons were behind this delay, including restructuring plans and a focus on improving internal management.

The five SOEs that postponed their IPO in 2017 are (1) Wijaya Karya Realty (subsidiary of Wijaya Karya), (2) PP Urban and (3) PP Energi (both owned by Pembangunan Perumahan), (4) Tugu Pratama Indonesia (subsidiary of Pertamina), and (5) HK Realtindo (subsidiary of Hutama Karya).

SOEs play a big role in the Indonesian economy. Based on data from the State-Owned Enterprises Ministry, Indonesia's SOEs booked IDR 936 trillion (approx. USD $70.4 billion) in revenue in the first half of 2017, up from IDR 809 trillion in the same period one year earlier.

Meanwhile, their combined net profit before interest, tax, depreciation and amortization (EBITDA) reached IDR 182 trillion in H1-2017, up from IDR 180 trillion in the first half of 2016. Hence SOEs control a large chunk of the Indonesian economy.