Jakarta. Indokripto Koin Semesta, the holding company of Indonesia’s first regulated crypto exchange, is set to make history with the country's first-ever IPO by a digital asset exchange group. The company, which will list under the ticker COIN, is aiming to raise up to Rp 231.6 billion ($14 million) in its public debut on July 9.

COIN plans to offer 2.2 billion shares, or 15 percent of its enlarged share capital, at an indicative price range of Rp 100–105 per share, according to a company filing. Ciptadana Sekuritas Asia is acting as underwriter for the offering, with the bookbuilding period scheduled for June 23–25.

“This IPO is a milestone for Indonesia’s crypto asset industry,” said Ade Wahyu, COIN’s President Director. “We believe this step will support broader investment growth and contribute to the country’s economic development.”

Founded in 2022, COIN is the parent company of Central Finansial X (CFX), Indonesia’s only crypto exchange currently licensed and regulated by the Financial Services Authority (OJK), and Kustodian Koin Indonesia (ICC), a licensed crypto custodian. The company also provides consulting services to its subsidiaries.

Approximately 85 percent of the IPO proceeds will be injected into CFX, with the remainder allocated to ICC, according to the prospectus. The funds will support operational expenditures and working capital needs, helping scale up Indonesia’s emerging regulated crypto trading infrastructure.

Following a January 2025 regulatory shift, crypto asset oversight in Indonesia moved from commodities regulator Bappebti to OJK, signaling stronger integration of digital finance into the mainstream financial system. CFX currently counts 31 registered exchange members, 19 of which are licensed crypto traders, and 7 futures brokers operating under its exchange umbrella.

Attractive Valuation, Strong Margins
According to Kiwoom Sekuritas Indonesia analyst Sukarno Alatas, COIN offers undervalued metrics on both PE and PBV ratios, with a net profit margin (NPM) of 42 percent, well above the industry average. The company’s return on equity (ROE) also exceeds average levels, albeit still relatively modest. COIN boasts a healthy balance sheet, with debt ratios below industry norms.

“This IPO provides exposure to Indonesia’s formalized crypto economy at an early stage,” said Alatas, noting the strong margin potential and regulated structure as key investment drivers.

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