IPO Watch: Upcoming Indonesian Tech Companies Going Public in 2025
Indonesia’s tech sector is poised for a significant year in 2025, with a surge in initial public offerings (IPOs) reflecting the country’s dynamic digital economy. The Indonesia Stock Exchange (IDX) has set an ambitious target of 66 IPOs for the year, aiming to bolster investor growth and market activity . As of early May, 13 companies have already gone public, raising approximately US$420 million, nearly doubling the amount raised in the same period last year .Tech in Asia+3https://indonesiabusinesspost.com/+3https://indonesiabusinesspost.com/+3LinkedIn+1Business Times+1
This article highlights some of the most anticipated tech IPOs in Indonesia for 2025, offering insights into the companies set to shape the nation’s digital landscape.
1. Fore Coffee (Ticker: FORE)
Fore Coffee, a tech-driven premium coffee chain, made its debut on the IDX on April 11, 2025. The company offered 1.88 billion shares, representing 21.08% of its issued capital, aiming to raise up to IDR 379.8 billion. Fore Coffee has demonstrated robust growth, with a 187% year-over-year increase in EBITDA and IDR 727 billion in sales as of September 2024 .dailysocial.id
2. eFishery
eFishery, an agritech startup specializing in aquaculture, achieved unicorn status in 2023 after a US$200 million Series D funding round. The company provides smart feeding solutions for fish and shrimp farmers, aiming to enhance productivity and sustainability in the aquaculture sector. While an exact IPO date hasn’t been announced, eFishery’s growth trajectory positions it as a strong candidate for a public listing in 2025 .Wikipedia
3. IDN (PT Media Putra Nusantara)
Formerly known as IDN Media, IDN has evolved into a multifaceted consumer technology enterprise, encompassing live streaming, digital media, and the creator economy. With a strong presence among Indonesia’s Gen Z and millennial audiences, IDN’s potential IPO in 2025 could attract significant investor interest .Wikipedia
4. XL Smart (PT XLSmart Telecom Sejahtera Tbk)
Previously operating as XL Axiata, XLSmart is a major telecommunications provider in Indonesia, offering mobile and broadband services. The company has undergone rebranding and restructuring, positioning itself for a potential IPO in 2025. With a subscriber base exceeding 55 million, XLSmart’s public listing could be one of the year’s most significant .Wikipedia
5. Tiket.com
Tiket.com, a leading online travel agency in Indonesia, is reportedly considering an IPO in 2025. As a subsidiary of Blibli, which went public in 2022, Tiket.com’s listing would further solidify its position in the travel and tourism sector. The company’s performance and growth prospects make it a notable candidate for investors .Wikipedia
Regulatory Support and Market Outlook
The Indonesian government and IDX have implemented regulations to support tech startups in their IPO endeavors. One such regulation includes the introduction of multiple voting shares (MVS), allowing founders to maintain control post-IPO while attracting public investment .Global Practice Guides
Despite global economic uncertainties, Indonesia’s IPO market has shown resilience and growth in early 2025. The combination of regulatory support, a burgeoning digital economy, and investor appetite positions the country as a hotspot for tech IPOs in the Asia-Pacific region.LinkedIn
Conclusion
Indonesia’s tech sector is entering a transformative phase, with several high-profile companies poised to go public in 2025. Investors and market watchers should keep an eye on these developments, as they offer insights into the country’s economic direction and the maturation of its digital industries