Jakarta. The Indonesian capital market strengthened in 2025 after passing through the political year period of the previous year. This emerging stability is reflected in increased securities issuance activity and growing corporate interest in utilizing the capital market as a source of long-term funding.

Throughout 2025, the Indonesia Stock Exchange (IDX) recorded a total of 858 securities issuances, up 26% year-on-year (yoy). 2024 saw 680 securities issuances. This increase indicates that capital market activity is becoming more active again in line with improving sentiment and economic conditions. As many as 26 companies listed their shares on the IDX in 2025.

In terms of sector, basic materials and consumer Non-Cyclicals were the most dominant sectors, with four companies listed each. They also raised Rp 5.1 trillion ($304.3 million). The consumer non-cyclicals sector recorded Rp 2.6 trillion. The strong listing activity in both sectors reflects investor preference for sectors with solid fundamentals and relative resilience to economic fluctuations.

In line with these developments, the quality of companies entering the capital market has also shown an improvement. This is reflected in the average funds raised through stock listings, which saw a significant increase from Rp 348.7 billion in 2024 to Rp 696.1 billion the following year. This increase indicates that listed companies have a more mature business scale and stronger business fundamentals, thus attracting greater investor interest. In addition to stock listings, bond and sukuk issuance activity also showed significant strengthening throughout 2025. As of December 31, 2025, 181 issuances had been recorded from 79 companies, with total funds raised reaching Rp 216.64 trillion. This achievement represents an all-time high, both in terms of the number of issuances and the value of funds raised in a single year.

In terms of composition, issuance was dominated by conventional bonds with 117 issuances, followed by mudharabah sukuk with 25 issuances. Sectorally, the financial sector was the largest contributor with 40 issuances and total funds raised reaching Rp 125.59 trillion. This achievement reflects the increasingly strong role of the bond and sukuk markets as an alternative medium- to long-term funding source, while also demonstrating increasing investor confidence in structured funding instruments and their potential to support sustainable financing.

On the other hand, a company's successful entry into the capital market requires thorough preparation. Financial aspects, corporate governance, organizational structure, and regulatory compliance are key factors that must be met. Companies also need to consider external factors such as economic stability, domestic policies, and global dynamics that can impact market conditions.

To support the improvement of the quality of prospective issuers, the IDX has provided various coaching programs for companies preparing for an Initial Public Offering (IPO). One such program is the IDX Incubator program, which is currently accepting registration for new fostered companies until March 8, 2026. This program aims to help companies strengthen their business readiness, improve governance, and deepen their understanding of capital market mechanisms before conducting an IPO.

Through the IDX Incubator, the IDX supports startups and small and medium enterprises (SMEs) in Indonesia by accelerating their preparation for an IPO. 

"The IDX Incubator not only aims to increase the number of companies listed on the stock exchange, but also ensures that companies entering the capital market have adequate business readiness, governance, and regulatory understanding. With a strong foundation from the outset, we hope listed companies can grow sustainably and provide added value to investors and the national economy," Listyorini Dian Pratiwi, Head of the IDX Listed Company Development Division, said.

More information about this program is available on the incubator.idx.co.id website.

With this support, the IDX continues to strive to strengthen an inclusive and sustainable capital market ecosystem, while encouraging the creation of high-quality listed companies.

This year, opportunities for companies to utilize the capital market are expected to become more open, in line with relatively more stable market conditions and the increasing quality of listed companies entering the stock exchange.

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