IPO for SOE Group Paused in Election Year 2024

The postponement of SOE and its subsidiaries' IPOs was prompted by the sentiment surrounding the 2024 presidential election, which marked a pivotal moment in the transition of President Jokowi's regime.

Dionisio Damara

30 Jan 2024 - 00.08
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IPO for SOE Group Paused in Election Year 2024

Investors are closely monitoring stock movements. Business/Eusebio Chrysnamurti

Bisnis, JAKARTA – The momentum for initiating initial public offerings (IPOs) by state-owned enterprises (SOEs) and their subsidiaries is set to be paused in 2024. Several factors contribute to this decision, including sentiment surrounding the 2024 election and a wait-and-see approach to capital market conditions.

SOE Ministry had initially intended to introduce SOE subsidiaries to the capital market in the previous year, including PT Pertamina Hulu Energi (PHE) and PT Pupuk Kaltim. However, this plan was deferred due to the volatile conditions prevailing in the financial markets.

This year, the government has reiterated its stance that no SOE will pursue an IPO, including PTPN's subholding entity PalmCo.

Meanwhile, PT Pertamina International Shipping (PIS) is gearing up for a potential IPO in 2025. The company intends to offer a minimum of 10% of its IPO shares.

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