IPO Boards in IDX
Criteria | Main Board (Papan Utama) | Development Board (Papan Pengembangan) | Acceleration Board (Papan Akselerasi) |
|---|---|---|---|
Types of Entity (Badan Usaha) | PT | PT | PT |
Period in main/core business | Min. 36 months | Min. 12 months | Has operated commercially in core business (as shown by already generating revenue) |
Number of Shares Offered | Min. 300 million shares | Min. 150 million shares | Min. 20% to enlarged capital |
% Shares Offered | - 20% for Company with Total Equity < Rp500 billion - 15% for Company with Total Equity ranging Rp500 billion up to Rp2 trillion - 10% for Company with Total Equity ≥ Rp2 trillion | Min. 20% to enlarged capital | |
Number of Shareholders for the first day of IPO | Min. 1,000 shareholders | Min. 500 shareholders | Min. 300 shareholders |
Initial Listing Fee & Annual Fee | - Initial Fee (before IPO) = Rp25 million-Rp250 million, depends on market cap - Annual Fee = Rp50 million-Rp250 million, depends on market cap | - Initial Fee (before IPO) = Rp25 million-Rp150 million, depends on market cap - Annual Fee = Rp50 million-Rp250 million, depends on market cap | - Initial Fee (before IPO) = Rp25 million; including registration fee of Rp10 million - Annual Fee = Rp25 million |
*) Newly-launched board – New Economic Board (Members: GOTO, BUKA, BELI) – introduced on Dec 2022 has the same requirements as the Main Board.
Financial Requirements
Criteria | Main Board (Papan Utama) | Development Board (Papan Pengembangan) | Acceleration Board (Papan Akselerasi) |
|---|---|---|---|
Audited Financial Statement | - Min. last 3 years (with interim); - 2 years with ‘Wajar Tanpa Modifikasian (WTM)’ auditor’s opinion | - Min. last 1 years (with interim) with ‘WTM’ auditor’s opinion | - Min. last 1 years or since establishment - ‘WTM’ Auditor’s opinion |
Financials (only one criteria required) | EBT AND Net Tangible Asset (NTA) = Rp250 billion | Net Tangible Asset (NTA) ≥ Rp50 billion | None |
- Cumulative EBT the last 2 year ≥ Rp100 billion, AND - Market Cap ≥ Rp1 trillion | - Cumulative EBT the last 2 year ≥ Rp10 billion, AND - Market Cap ≥ Rp100 billion | ||
- Revenue ≥ Rp800 billion, AND - Market Cap ≥ Rp8 trillion | - Revenue ≥ Rp40 billion, AND - Market Cap ≥ Rp400 billion | ||
- Total Assets ≥ Rp 2 trillion, AND - Market Cap ≥ Rp4 trillion | - Total Assets ≥ Rp 250 billion, AND - Market Cap ≥ Rp500 billion | ||
- Cumulative Cash from from Operating the last 2 years ≥ Rp200 billion, AND - Market Cap ≥ Rp4 trillion | - Cumulative Cash from from Operating the last 2 years ≥ Rp20 billion, AND - Market Cap ≥ Rp400 billion |