Q3 2025 IPO Review: Indonesia’s Shift from Volume to Value and IPO Masterclass 2025

• Global IPO market rebounded in Q3 2025 supported by major indices reaching new highs. 
• Indonesian IPO activity through Q3 2025 shifted from volume to value, with deal count down 35% but proceeds tripling to US$906 million; momentum is expected to continue with 11 mid-sized IPOs in Q4.
• Indonesia and the Indonesia Stock Exchange (IDX) hosted the IPO Masterclass 2025, equipping companies with insights to navigate the listing process.
• Despite the recovery, IPO activity remains selective, with increased scrutiny from investors on fundamentals, profitability pathways and governance.
• The US, India and Greater China are leading the resurgence in IPO activity, parts of Asia-Pacific saw modest growth; in Southeast Asia, Singapore emerged as leader in IPO proceeds.   

JAKARTA, 29 October 2025. The latest EY Global IPO Trends report showed that in the third quarter of 2025, global equity markets staged a robust recovery, with major indices across the United States of America (US), Asia and Europe climbing to fresh new highs after months of pressure from tariffs, interest rate uncertainty and debt concerns. This rally has been underpinned by easing monetary policy and resilience in corporate earnings.

George Chan, EY Global IPO Leader, says: 

“Global IPO momentum, fueled by robust equity markets, monetary easing and more accommodative financial conditions, is accelerating. For issuers, opportunities expand for those who can harness macro trends, translate AI-driven disruption into growth, navigate geopolitical complexity and deliver narratives that resonate with investor selectivity and long-term value creation.” 

Indonesian IPO Activity Shifts Toward Higher-Value Listings

Indonesian IPO activity through YTD Q3 2025 demonstrated a move toward higher-value listings. Although the number of IPOs dropped by 35%, from 34 in the same period of 2024 to 22 in YTD Q3 2025, total proceeds grew significantly, increasing from approximately US$ 324 million to US$ 906 million. This decline in the deal count is attributed to the Financial Services Authority’s (OJK) focus on higher-quality IPO candidates over sheer quantity.  

Reuben Tirtawidjaja, EY-Parthenon Indonesia Strategy and Transactions Partner, states: 

“During YTD Q3 2025, the IPO deal count was significantly driven by the industrial, energy, consumer, and healthcare sectors. Looking ahead to Q4 2025, the Indonesia Stock Exchange (IDX) expects 11 more companies to complete their IPOs. This upcoming pipeline comprises four companies with assets exceeding IDR 250 billion and seven companies with assets between IDR 50 billion and IDR 250 billion. By sector, the pipeline includes two companies, each from the consumer, financials, and industrial sectors, one company from the technology sector, and two companies from the transportation and logistics sector.” 

The substantial increase in proceeds was driven by several large corporate groups going public, including PT Merdeka Gold Resources Tbk (EMAS) which raised US$ 283 million; PT Chandra Daya Investasi Tbk (CDIA), which raised US$ 146 million; PT Bangun Kosambi Sukses Tbk (CBDK), which raised US$ 142 million; and PT Yupi Indo Jelly Gum Tbk (YUPI), which raised US$ 123 million. In contrast, YTD Q3 2024 recorded only one IPO exceeding US$ 50 million, namely PT Ancara Logistics Indonesia Tbk (ALII), which raised US$ 55 million. 

EY Indonesia, in collaboration with the IDX and Capital Market SROs, hosted the IPO Masterclass 2025 in Jakarta on 21–22 October, bringing together participants from 38 companies across sectors such as consumer products, healthcare, industrials, technology, logistics, and financial services. The event opened with remarks from Peter Surja, EY Indonesia Country Managing Partner, who highlighted the importance of IPO readiness as a long-term value creation journey. Listyorini Dian Pratiwi, Vice Director of IDX, also addressed participants, citing a significant IDR 16.2 trillion increase in market liquidity, signaling that Indonesia’s capital markets remain dynamic and attractive.

The two-day program was structured to deepen participants’ understanding of the full IPO lifecycle, including capital market expectations, regulatory disclosures, financial structuring, and valuation considerations. With sessions led by EY Partners, IDX leaders, legal advisors, investment bankers, and a recently listed issuer, the masterclass provided first-hand perspectives on managing listing complexities. Through interactive sessions and peer discussions, the program enabled participants to reflect on their IPO readiness while gaining practical tools to navigate current market challenges and investor expectations.

Reuben Tirtawdijaja, EY-Parthenon Indonesia Strategy and Transactions Partner, added:

“While the preparation period may vary depending on each company’s circumstances, companies typically require around 6 to 12 months before their target listing date to meet all regulatory and procedural requirements, including those set by the IDX.”

Therefore, it is generally advisable to start early, as the process of preparing audited financial statements, establishing governance structures, and setting up holding companies can be time-consuming, and being ready allows companies to take advantage of favorable market conditions when they arise.

Broader Recovery in the Global IPO Market

Global IPO momentum is accelerating, with Q3 2025 witnessing a 19% year-over-year (YOY) increase in deal volume and an impressive 89% surge in proceeds. The US led the rebound, supported by a constructive market backdrop and generally positive IPO pricing and trading outcomes. Notably, India demonstrated remarkable momentum, with deal volumes tripling and proceeds nearly quadrupling compared to Q2, reflecting a vibrant domestic market. Meanwhile, Greater China and the Middle East sustained their paces, with Europe beginning to see signs of revival, bolstered by regulatory reforms and an improving macro backdrop.

In Southeast Asia, the region’s IPO market stabilized in Q3 2025, with 25 listings raising US$2.5b in the quarter, up from 22 IPOs raising US$0.7b in Q2 2025. In Q3 2025, Singapore emerged as the regional leader with six deals raising US$1.5b. The strong performance was driven by two large real estate investment trusts (REITs) listings, which elevated the Singapore Exchange to the sixth place in proceeds raised. Other active markets in the region included Indonesia (8 IPOs raising US$478m), Malaysia (8 IPOs raising US$94m), Thailand (2 IPOs raising US$5m) and Vietnam (1 IPO raising US$410m). 

Chan Yew Kiang, EY Asean IPO Leader, says:

“Singapore’s push for regulatory reforms aimed at injecting liquidity into the market has led to improving sentiments and growing interest in the local bourse. While companies in Singapore may continue to pursue cross-border listings in Hong Kong and the US, the country has seen increased interest driven by pro-market reforms, while maintaining its reputation as a stable, well-regulated and free market that is attracting companies amid geopolitical tensions. Malaysia has also continued its momentum in attracting listings in the country with positive IPO returns.

The region’s IPO pipeline is expected to remain strong across diversified industries, supported by improving valuations and liquidity. Discussions with intermediaries and corporates also indicate that activity levels are likely to increase. Companies exploring capital market alternatives should prepare early and remain ready to act within narrow market windows as market sentiment continues to improve.”

Evolving Regulatory Frameworks

Global stock exchanges are accelerating reforms to boost competitiveness, streamline listings and attract innovative firms. Meanwhile, regulators are tightening safeguards to balance innovation with investor protection. These initiatives highlight a dual-track approach: creating faster, more flexible access to capital to boost fundraising while embedding protections that reduce volatility and restore confidence.

Shifts in Private Equity-Backed IPO Landscape

While still heavily relying on M&A and secondary sales, private equity firms are increasingly turning to IPOs as a viable exit strategy amid improving public market conditions. In the first nine months of 2025, PE-backed IPO listings more than doubled YOY, signaling renewed investor confidence in IPO exits. This trend is particularly evident in the US, Greater China and the Nordics, where PE-backed deals surged. The strong post-IPO performance, especially in sectors adapting to AI and digital transformation, underscores the growing preference for public visibility and long-term value creation among private equity sponsors.

Market Sentiment and Outlook

Resilient optimism is driving IPO momentum globally, supported by monetary easing, strong corporate earnings, robust IPO returns and lower market volatility, all of which are boosting investor confidence — especially in sectors adapting to AI and digital transformation.

Despite the positive momentum, market sentiment remains affected by ongoing tariff disputes and political volatility, which continue to cast a shadow over deal-making. Investors are increasingly seeking resilient business models that can withstand market fluctuations and deliver sustainable growth. Companies looking to go public must anticipate and adapt to these shifts by diversifying their strategies and aligning with external changes. The transition to a new economy, marked by climate adaptation, digital transformation and geopolitical recalibration requires IPO candidates to align their equity story with macro trends, manage external risks, and articulate a resilient, forward-looking strategy that resonates with investors.

For more insights, please refer to the EY Global IPO Trends Q3 2025 report: https://www.ey.com/en_id/insights/ipo/trends

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About the data

The data presented here is available on ey.com/ipo/trends.  

Q3 2025 refers to the third quarter of 2025 and covers completed IPOs from 1 July to 24 September 2025, plus expected IPOs by 30 September 2025 (forecasted as of 24 September 2025). Q3 2024 refers to the third quarter of 2024 and covers completed IPOs from 1 July to 30 September 2024. Q1-Q3 2025 refers to the first nine months of 2025 and covers completed IPOs from 1 January 2025 to 24 September 2025, plus expected IPOs by 30 September 2025 (forecasted as of 24 September 2025). Q1-Q3 2024 refers to the first nine months of 2024 and covers completed IPOs from 1 January 2024 to 30 September 2024. 2024 refers to the full calendar year and covers completed IPOs from 1 January 2024 to 31 December 2024. 

All data contained in this document is sourced from Dealogic, Mergermarket, S&P Capital IQ, PitchBook, LSEG and EY analysis unless otherwise noted. The Dealogic data in this report are under license by ION. ION retains and reserves all rights in such data. SPAC data are excluded from all data in this report, except where indicated.