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Business trends

Indonesia IPOs surge ahead, defying coronavirus slump

IDX has Southeast Asia's most active new listings market

Architecture firm Aesler is one of 27 Indonesian companies that have gone public this year, making the Indonesia Stock Exchange the most active IPO market in Southeast Asia.   © AFP/Jiji

JAKARTA -- As the coronavirus pandemic prompted international investors to flee Indonesia, sending the stock market to an eight-year low, the directors of Aesler Group International, an architecture practice, held their nerve.

Despite the global uncertainty, Aesler on April 9 became the first company of architects to list on the Indonesia Stock Exchange. It has been one of 27 listings so far this year, a wave that has propelled Indonesia to the top of Southeast Asia's IPO rankings in 2020.

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