Indonesia eyes $11 billion in capital market fundraising this year

is targeting 170 trillion rupiah ($10.92 billion) in capital fundraising for this year, including from initial public offerings and debt instruments, its financial regulator said on Monday, well below the amount raised in 2022.

About 260 trillion rupiah was raised through the capital last year, including the IPO of top tech firm PT GoTo Gojek Tokopedia, which raised $1.1 billion in April.

Inarno Djajadi, head of capital supervision at the Financial Services Authority, said there were 84 offerings in the pipeline with 81.41 trillion rupiah ($5.23 billion) in total estimated value.

About 54.5 trillion rupiah of that would be from 58 potential IPOs.

Among firms expected to go public in 2023 are two units of state energy firm Pertamina, Pertamina Geothermal Energy and Pertamina Hulu Energi.

Pertamina Hulu Energi could raise up to $2 billion, sources with knowledge of the matter told Reuters in December.

State-Owned Enterprises Minister Erick Thohir in a separate event on Monday said that state palm oil grower Palm Co, a unit of state plantation firm PTPN III, may launch an IPO this year.

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