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Indonesia expects unicorns to be listed under Indonesia Stock Exchange

Indonesia unicorns

IDX also wants low valued startups under its market listings

Indonesia is becoming a thriving startup hotbed in Southeast Asia. The Indonesian government wants the country’s unicorns to be listed under the Indonesia Stock Exchange (IDX), media reports said. It is reported that the government is eager to see millennials turn into investors of those firms whose apps they use every day. 

Mr Pandu Sjahrir, a newly appointed board member of the IDX, told the media, “We kind of have to hunt for elephants. We have to be able to track them, to go and see and sell on the idea why IDX is very good for them to fund raise.”

IDX also wants low valued startups under its market listings. Unicorns are startups which value more than $1 billion.

In Indonesia, there are six unicorns:  Ovo, an emoney company; Traveloka, an airline ticketing and hotel booking company; Gojek, a ride-hailing company; followed by ecommerce platforms such as Tokopedia, Bukalapak and JD.ID.

The business scenario in Indonesia is different compared to other countries in Southeast Asia. Mr. Sjahrir added that the top 10 companies of the country haven’t changed in terms of mix in the past decade. The business is still led by fintech companies, banks and traditional companies.

The online food and services business has become more popular in the country due to the outbreak of Covid-19.  Majority of the population have resorted to online apps by Singapore’s Grab, Gojek, Tokopedia and Bukalapak.

In June, 22 Indonesian companies listed on IDX for the first time through their IPO debuts. This has marked a record IPO deals in Southeast Asia.

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