Jakarta. The Indonesia Stock Exchange (IDX) is targeting at least six so-called “lighthouse companies” to launch initial public offerings in 2026, with two large-cap listings expected as early as the first quarter, according to senior exchange officials.

“The long-term goal for 2030 is to build a capital market that is innovative, transparent, inclusive, and globally competitive,” Iman said after the opening of the first trading session of 2026 at the IDX on Friday. “This ambitious target is supported by stronger infrastructure, improved issuer and investor quality, and broader public participation.”

A lighthouse IPO is a term referring to a large, high-quality listing expected to serve as a flagship for the market. Under IDX criteria, lighthouse companies typically have a minimum market capitalization of around Rp3 trillion ($190 million) and a free float of at least 15 percent, alongside strong fundamentals, scale, and visibility. Such listings are expected to attract foreign investors, deepen market liquidity, and set benchmarks for governance, valuation, and transparency.

Beyond IPOs, the exchange has set an ambitious target of 555 securities listings in 2026, in line with its 2026–2030 capital market development master plan, which prioritizes sustainable growth and stronger global competitiveness.

He added that the IDX will continue to push product innovation and market deepening so that the capital market not only grows in value but also plays a larger role in financing Indonesia’s long-term economic development.

Earlier, IDX Director of Company Valuation I Nyoman Gede Yetna said two big companies are expected to go public in the first quarter of 2026, both from the infrastructure and mining sectors.

Overall, nine companies are currently in the IPO pipeline for 2026, according to IDX data. Based on Financial Services Authority (OJK) Regulation No. 53/2017, six of the companies are classified as large, with assets exceeding Rp250 billion, while one is mid-sized and two are small.

By sector, the pipeline includes three financial services firms, two basic materials companies, and one company each from the energy, industrial, technology, and transportation and logistics sectors. In its 2026 work plan and budget, the IDX has set a target of 50 IPOs for the year.

Market participants have also been speculating about two privately held companies widely expected to seek listings: Titan Infra Sejahtera (TIS) and Anugrah Neo Energy Materials (ANEM).

TIS is the largest integrated coal logistics infrastructure operator in South Sumatra, and its planned IPO is seen as a potential catalyst for capacity expansion and reserve optimization as Indonesia balances export demand with domestic energy needs.

ANEM, meanwhile, is expected to raise a substantial amount of capital, with market estimates suggesting proceeds could exceed Rp5 trillion. The company owns two major mining assets, TAS and MDK, with combined resources totaling hundreds of millions of wet metric tons.

The nickel-focused company is also being positioned as Indonesia’s first producer of so-called green high-pressure acid leach (HPAL) nickel. Its HPAL facility, currently under construction, is designed to produce hundreds of thousands of tons of mixed hydroxide precipitate annually, a key input for electric vehicle batteries.

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