Booming Jakarta IPO Market Leaves Major Global Venues Behind
- Indonesia has a solid pipeline of listings for 2Q as well
- Nation’s EV offerings are a bright spot in its capital markets
This article is for subscribers only.
Indonesia is proving to be a treasure trove of initial public offerings amid an extended global lull, beating some other major listing venues in total funds raised during the first quarter. And bankers say there’s more to come.
The Southeast Asian market recorded $1.45 billion in IPO proceeds between January and March, its highest-ever first-quarter tally and nearly twice the amount raised in Hong Kong. Indonesia’s total also exceeded that of Tokyo and London, and at least two more offerings larger than $500 million each are expected to price in early April. IPO proceeds are down more than 60% year-on-year globally and for Asia Pacific.