Going public provides several key benefits for small and medium-sized enterprises in Indonesia: 1. It provides access to future financing through public equity markets to fund expansion plans. 2. Listing on the Indonesia Stock Exchange improves a company's professionalism and corporate image. 3. The listing process is straightforward, involving internal preparation, preliminary agreements, application to the exchange, public offering, and listing/trading on secondary markets. 4. Recent case studies of startups like M Cash Integrasi and NFC Indonesia show how going public accelerated their growth, increasing company valuation over 10 times and raising hundreds of millions in fresh capital.

1. Go Public for Small &
Medium-Sized
Enterprises

2. OUTLINE
Introduction to Indonesia’s Capital
Market
1
Benefit from Listing in Indonesia
Stock Exchange
2
Listing Process in Indonesia Stock
Exchange
3
Indonesia Stock Exchange
Performance
4
Listed Companies’s IPO Case Study
5

3. 3
Introduction to Indonesia’s Capital
Market

4. INDONESIA FINANCIAL SYSTEM
4

5. CAPITAL MARKET
4
“Bring together parties that require long-term funds with those who need the means of
investing in financial products (Stocks, Bonds, Mutual Funds and others)”
Company
(Issuers & Public Companies)
Capital Market
Investor
(Domestic & Foreign)
Institutions and Capital Market Supporting Professionals
Supply Demand
Regulation & Infrastructure
Facilitator

6. TERMS RELATED TO IPO
6
Securities
Registration
Statement
Public Company
ProspectusIssuer
Enitites who did public offering.
Public Offering
Private Company
Initial Public
Offering Public Company Admission to the
Indonesia Stock Exchange
Listed Company
Securities offering activity conducted
by Issuers to sell Securities to the
public based on the procedures set
forth in the Capital Market Law and its
implementing regulations
Securities, namely debt instruments,
commercial securities, stocks, bonds, debt
certificates, Collective Investment Contract
entries, Futures contracts on Securities, and
any derivatives from Securities.
The Company whose shares have been
owned by at least 300 shareholders and has
paid up capital of at least Rp 3 billion or
certain number of shareholders and paid up
capital as stipulated by Government
Regulation.
Documents that must be submitted to
OJK by Issuer in the process of Public
Offering.
All written information in connection with a
Public Offering, aiming for other Parties to
buy Securities.

7. 7
Benefits From Listing in Indonesia
Stock Exchange

8. Future Access
of Financing
Professionalism
Corporate
Image
Employee’s
Loyalty
Liquidity for
founder,
employee and
investor.
Succession
PlanningTax Incentive
Exit Strategy
for Founder,
PE/VC
Unlock
Company’s
Value
Business
Expansion &
Sustainability
Strategic
Alliance
Benefits of IPO
GCG
Implementation

9. 9
Listing Process in Indonesia Stock
Exchange

10. GO PUBLIC IS A SIMPLE PROCESS
Internal and documents preparation,
helped by underwriter & supporting
professions
Preliminary Agreement
Application to IDX & Collective
Stock Deposit to KSEI
Apply For Effective Statement
to OJK
Public Offering
(Primary Market)
Listing & Trading of
Stock in the Market
(SECONDARY
MARKET)
Effective
Statement
Fund Raised from IPO
10
A revuew of feasibility
of listing shares
General :
POJK No.7/POJK.04/2017
SMEs :
POJK No. 53 /POJK.04/2017

11. Acceleration Board
Main Board
Development
Board
Big Companies
Middle
Companies
Small
Companies
Acceleration
Board
IDX Incubator
POJK 53 & 54
POJK 7 & 8
Move to Main
Board
Move to
Development
Board
Acceleration Board is a new
listing board alongside the
Main board and
Development board
IDX Incubator is a platform that is provided by
the IDX to foster companies in preparing
themselves to become prospective Listed
Companies in the future
The listing of medium
and small scale
companies that use POJK
53 and POJK 54 can be
facilitated through
Development Board and
Acceleration Board
Every year the Exchange
will review the company
on the Development
Board and the
Acceleration Board to
determine if there are
companies that in terms
of size can be promoted
to the higher board.
Acceleration Board 
Development Board
• Acceleration Board 
Main Board
• Development Board 
Main Board
Regulation Small Scale Issuers Medium Scale Issuer
Asset Max. IDR 50 B IDR 50 B < Asset ≤ IDR 250 B
Fund raised Max. IDR 50 B Max. IDR 250 B
FAS May FAS EWPA Must Public FAS
GCG 1 year transition 6 months transition
Affiliate Not allowed to be affiliated with Issuers that are not Small or
Medium Scale, or companies with assets >IDR 250 billion
11

12. 12
Development Board
*Acceleration Board
Concept
Main Board
Subsidiary of the Listed Company is
allowed, but there should be no
dependency (Chain listing)
Business Period : 36 months
Operational Activities : Last 3 years
Operating Profit: Last 1 year
Net Tangible Asset Rp 100 M
Amount of Free Float Shares :
300 Million shares
Percentage of Free Float Shares to Paid
Up Capital :
a) 20% for paid up capital for equity
<IDR 500 B
b) 15% for paid up capital for equity
<IDR 500 B – IDR 2T
c) 10% for paid up capital for equity
>IDR 2T
Min .Number of shareholders :
1000 parties
Public Offering Guarantee:
Full Commitment
Subsidiary of the Listed Company is
allowed, but there should be no
dependency (Chain listing)
Business Period : 12 months
Operational Activities : Last 1 year
May loss, projected operating profit
and net profit at second to 6th year
Net Tangible Asset Rp 5 M
Amount of Free Float Shares :
150 Million shares
Percentage of Free Float Shares to Paid
Up Capital :
a) 20% for paid up capital for equity
<IDR 500 B
b) 15% for paid up capital for equity
<IDR 500 B – IDR 2T
c) 10% for paid up capital for equity
>IDR 2T
Min .Number of shareholders :
500 parties
Public Offering Guarantee:
: Full Commitment
Can be a Subsidiary of the listed
company, but with criterion as below:
1. should be no dependency (Chain
listing)
2. is a small or medium scale issuer
(POJK No.53)
Business Period : 12 months
Operational Activities : Last 1 year
(proven by operating income)
May loss, projected operating profit
max at 6th year
No Net Tangible Asset required
Amount of Free Float Shares : -
Percentage of Free Float Shares to Paid
Up Capital : 20%
Min .Number of shareholders :
300 parties
Public Offering Guarantee:
: Best Effort
*This document is a draft for rule making rule purposes and is provided for information only. The information contained herein is subject to changes.The final version of the regulation number I-V will be published as soon as adopted.

13. IPO KEY SUCCESS FACTORS
14
SUCCESSFUL
IPO
Stock price
appreciation
Satisfactory
Demand
(Oversubscrib
ed)
Liquidity in
Secondary Market
(Capital Gain,
Active
Transaction)
good relationship
between the
Issuer and the
Investor, Effective
use of fund
Company Information
 Growth
 Track record
 Solid Management
 Business plan
Marketing
 Investors Target
 Pre-marketing
 Road show
 Research
Structure & Team
 Offered stock and market capitalization
 Syndication
 Internal & external IPO Team
Schedule
 Global and domestic market condition
 Competition
 Momentum
Good Bond Rating
 minimum rating of idBBB-

14. 15
Indonesia Stock Exchange
Performance

15. SMALL & MEDIUM SCALE COMPANIES BY ASSET 2006 - 2018
20
SEKTOR INDUSTRI
JUMLAH EMITEN FUND RAISED
Definition of SME according to OJK :
• Is not affiliated or controlled by
other companies that are not fall
into the SME category according
to the POJK 53
• Incorporated in Indonesia
Small
Asset
Medium
Asset
Total Aset
Max. Rp50 B
Max. Fund
Raised Rp50 B
Total Aset
Max. ≤Rp250 B
Max. Fund Raised
Rp250 B
42Dari 598 emiten
adalah SMEs
 36 Medium enterprises
 6 Small enterprises
5%
12%
37%
10%
5%
20%
5%
7%
Mining
Property, Real Estate and
Building Construction
Trade, Services and Investment
Basic Industry and Chemical
Finance
Infrastructure, Utilities and
Transportation
Miscellaneous Industry
Highest
Lowest
PT Bekasi Asri
Pemula Tbk
Rp22.5 Billion
Rp308.3 Billion
PT NFC
Indonesia Tbk.
Rp61,8
Billion
Average
Asset
Highest
Lowest
PT Protech Mitra
Perkasa Tbk.
Rp14 Billion
Rp248.3 Billion
PT Bintang Oto
Global Tbk.
Average Asset
Growth Since IPO
311%

16. 21
Listed Companies’s IPO Case Study

17. 22
PT M Cash Integration Tbk. became the
second startup company that is listed on the
Indonesia Stock Exchange.
During IPO period which took place on 26-27
October 2017, M Cash's share was set at IDR1,385
per share. The number of issued shares amounted
to 216,983 million shares or 25% of the total
shares of the company.
Through Initial Public Offering (IPO), M Cash
managed to obtain funding of IDR 300.52
billion.
During the process of offering the shares, the
Company's share orders are oversubscribed
more than 11 times from the total number of
shares offered.
60%
30%
10%
Purpose of IPO Fund
Working Capital,
incl. debt
repayment
Hardware &
Software
Purchasal
HR
Development
Asset
IDR 107
Billion
Equity
IDR 91
Billion
Fund Raised:
IDR 301 Billion
2017
Company’s Value
IDR 1,202.09 Billion
25%
(↑ 13.21 X)
M Cash Integrasi

18. 23
“Do not wait to be big to GO PUBLIC,
but become big by GO PUBLIC.”

19. DISCLAIMER
The facts and opinions stated or expressed in this publication are for information purposes only
and are not necessarily and must not be relied upon as being those of the publisher or of the
institutions for which the contributing authors work. Although every care has been taken to
ensure the accuracy of the information contained within the publication, it should not be by any
person relied upon as the basis for taking any action or making any decision. The Indonesia
Stock Exchange cannot be held liable or otherwise responsible in anyway for any advice, action
taken or decision made on the basis of the facts and opinions stated or expressed or stated
within this publication
End of this document
For further inquiries :
Listing Information: gopublic@idx.co.id
Website: www.idx.co.id & www.gopublic.idx.co.id
Startup & SME Unit:
untari.febrian@idx.co.id
Thank you
24

20. 25
Asset
IDR 23.1
Billion
Equity
IDR 23.3
Billion
Fund Raised:
IDR 308.3billion
2018
Company’s Value
IDR 794.5 Billion
25%
(↑ 34.10 X)
NFC Indonesia
60%
30%
10%
Purpose of IPO Fund
Working Capital,
incl. debt
repayment
Hardware &
Software
Purchasal
HR
Development
PT NFC Indonesia Tbk. became the third
startup company that is listed on the
Indonesia Stock Exchange.
During IPO period which took place on 8-22 June
2018 , NFC's share was set at IDR1,850 per share.
The number of issued shares amounted to
166.6million shares or 25% of the total shares of
the company.
Through Initial Public Offering (IPO), NFC
Indonesia managed to obtain funding of IDR
308.3 billion.
During the process of offering the shares, the
Company's share orders are oversubscribed
more than 10 times from the total number of
shares offered.

21. FUNDING OPTIONS
26
Bank Loan
Equity Injection from existing
shareholder
Bonds/Sukuk Public Offering
Borrow from the public
Equity Public Offering
Invite the public
1
2
3 4
going public
What should I do if I need
funds to expand my business?