To authorities it does not feel right when companies have production centers in Indonesia, sometimes even big plantations, but are listed abroad (primarily in Singapore, Malaysia, China and Australia). However, Widodo, who is often called Jokowi, emphasizes he does not want to force these companies to list in Indonesia, but only intends to invite them politely.

Tito Sulistio, General Director of the Indonesia Stock Exchange, said there are 52 companies that are on the radar of authorities. All these companies have market capitalization that exceeds IDR 400 trillion (approx. USD $30 billion). It mainly involves companies engaged in mining, property and plantations. These companies will be invited by the Indonesia Stock Exchange for a meeting. However, Sulistio declined to share any names. It is assumed these companies prefer to list abroad as the Indonesian market is less liquid and less active.

The Indonesia Stock Exchange is also eager to harmonize regulations with its foreign counterparts (for example the Bursa Malaysia Berhad) in order to make it easier for companies to list on two stock exchanges and not having to deal with different sets of regulations on each exchange. Also Indonesia's Financial Services Authority (OJK) said it wants to simplify the initial public offering (IPO) process for these multinationals in order to make it more attractive to go public in Indonesia.

Besides multinationals, Jokowi also urges those local companies that have taken up more than IDR 1 trillion in bank loans as well as subsidiaries of the nation's state-owned enterprises to go public in Indonesia. The IPO of these state-owned companies would bring in more funds for the development of infrastructure projects across the nation (as it is not possible to rely on bank loans only).

Examples of Companies Listed Abroad with Large Assets in Indonesia:

Singapore Stock Exchange
Australian Stock Exchange
New York Stock Exchange
London Stock Exchange
Golden Energy & Resources Cokal limited Freeport-McMoran Copper & Gold Churchill Mining
Geo Energy Resources Sumatera Copper & Gold MP Evans Group
BlackGold Natural Resources Sihayo Gold Limited Salamander Energy
First Resources Panax Geothermal Asia Resource Minerals
Bumitama Agri Indo Mines
Samko Timber
Golden Agri Resources
Interra Resources
Kencana Agri
Wilmar International

Source: Kontan

In terms of number of initial public offerings (IPOs) on the local stock exchange, Indonesia is leading the race in the Southeast Asian region so far in 2017. A total of 19 companies have conducted their IPO on the Indonesia Stock Exchange up to 5 July 2017. On second place comes Thailand with 11 IPOs in the January-June 2017 period, followed by Singapore and Malaysia (8), and the Philippines (4). But despite having seen most IPOs, the combined value of these IPOs is relatively small in Indonesia compared to its foreign counterparts.

Last Update: 29 Mar 2021
IPOs on the Indonesia Stock Exchange up to 5 July 2017
CompanyP: 29 Mar 2021P: 28 Mar 2021Gain/LossP/E ttmYield %Gain/Loss YTD
Sanurhasta MitraMINA796423.44%N/A0.00%58.00%
Forza Land IndonesiaFORZ50500.00%N/A0.00%0.00%
Industri dan Perdagangan Bintraco DharmaCARS50500.00%N/A0.00%0.00%
Nusantara Pelabuhan HandalPORT490498-1.61%N/A0.00%16.11%
Sariguna PrimatirtaCLEO4684660.43%N/A0.00%-9.13%
Pelayaran Tamarin SamudraTAMU50500.00%N/A0.00%0.00%
Cahayasakti Investindo SuksesCSIS80765.26%N/A0.00%25.00%
Terregra Asia EnergyTGRA140142-1.41%N/A0.00%-49.28%
First Indo American Leasing Tbk.FINN50500.00%N/A0.00%0.00%
Alfa Energi Investama Tbk.FIRE590605-2.48%N/A0.00%-48.47%
Totalindo Eka Persada Tbk.TOPS50500.00%N/A0.00%0.00%
Kirana Megatara Tbk.KMTR4164140.48%N/A0.00%20.93%
Hartadinata Abadi Tbk.HRTA206208-0.96%N/A0.00%-11.21%
Integra IndocabinetWOOD7707502.67%N/A0.00%19.38%
MAP Boga AdiperkasaMAPB1,3301,3300.00%N/A0.00%3.10%
Armidian Karyatama Tbk.ARMY50500.00%N/A0.00%0.00%
Buyung Poetra Sembada Tbk.HOKI252254-0.79%N/A0.00%-76.34%
Marga Abhinaya Abadi Tbk.MABA50500.00%N/A0.00%0.00%
Megapower Makmur Tbk.MPOW82802.50%N/A0.00%22.39%
Combined Total5,2535,2370.31%-18.75%

Green colour indicates upward movement Red colour indicates downward movement P = price; E = earnings; D = dividend; Yield = D/P "N/A" indicates P/E < 0 (negative earnings) "-" indicates E,D,P or YTD is not available