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State-owned companies to dominate Indonesia's IPO scene this year

Sanitary napkin maker Softex and cold chain operator Diamond plan floats

Listings on the Indonesia Stock Exchange in 2019 were dominated by mid-sized and smaller companies, each raising less than 500 billion rupiah. Only six companies out of 54 listing last year raised more than 500 billion rupiah.   © Reuters

JAKARTA -- The capital market in Indonesia is at an interesting crossroads. On one hand, a host of companies are queuing up to tap the stock markets against a backdrop of strong macroeconomic fundamentals, while on the other, some are adopting a 'wait-and-see' policy before taking the plunge.

The government is targeting economic growth of 5.3% higher in 2020 than in 2019. During the first nine months of 2019, the Indonesian economy grew 5.04%, lower than the government's target of 5.2% for the year.

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