IDX can only generate five equity issuers as of this semester, out of 35 targeted IPOs. Those IPOs are PT Cikarang Listrindo tbk (POWR), PT Bank Ganesha tbk (BGTG), PT Mahaka Radio Integra tbk (MARI), PT Mitra Pemuda tbk (MTRA) and PT Bank Artos Indonesia tbk (ARTO). Of those issuers, only one issuer whose stock price did not plummet after several minutes reaching the highest record that day.
What are actual criteria for a successful IPO? Is it successful enough if investors purchasing the stocks during the listing could immediately sell the stocks to secondary market with profit? Isn’t that fast selling instead indicates that the stocks are not worthy to be held for long-term period?
In a text book, IPO should be able to hoist the strength of branding, reputation as well as profile of companies amid public and increase financing access. However, let us question what happened to Toko Gunung Agung which was forced to conduct backdoor listing, Golden Retailindo tbk (GOLD) and Zebra Nusantara tbk (ZBRA). Aside from stock code in the list of issuers, where is the companies’ existence in the public memory? If they need funding, how they make use of their ‘public’ status?
As of now IPO has yet to provide another benefit aside from proceeds obtained first time by companies holding the IPOs. Perhaps it is the time for us to help IDX to raise their capitalization not only targeting the quantity of companies holding IPO but their quality as well.
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