You order 10 lots of a hot IPO. You pay for all 10. A few days later you get 1 lot, and the rest of your money comes back.

Did something go wrong? No. That is how IDX IPO allotment works when too many people want the same shares. This post explains why it happens and what changed in November 2025.

A lot on the IDX is a pack of 100 shares. An IPO is the first time a company sells its shares to the public.

How IDX IPO Allotment Works: Two Buckets

When a company lists, its underwriters (the securities firms that run the sale) split the shares into two buckets. Each has its own rules.

Fixed allotment (penjatahan pasti). The underwriter picks who gets the shares and how many. Buyers are mostly large institutions. You cannot apply for this bucket on your own.

Pooling allotment (penjatahan terpusat). Every order from the public goes into one shared pool on the e-IPO system, the official online platform for IPO orders. The system, not a salesperson, decides who gets what.

If you ordered through your normal securities app, your order sits in the pooling bucket. Pooling has been done through e-IPO since 1 January 2021, under OJK Regulation 41/POJK.04/2020, according to Bisnis.com and OJK's own summary of the rule.

Why You Got Less Than You Ordered

The pool is a fixed number of shares. If orders are bigger than the pool, the shares are cut back. This is called being oversubscribed.

Here is an example. The numbers are made up to show the idea. They are not a real IPO.

Item	Illustration
Total IPO size	Rp200 billion
Share price	Rp200
Minimum pooling (see next section)	15%, or Rp30 billion
Retail half of the pool	Rp15 billion
Retail pool in lots	750,000 lots

Say 300,000 retail investors each order 10 lots. That is 3,000,000 lots of demand for a pool of 750,000 lots. Demand is 4 times the supply.

Each person gets about one quarter of what they ordered. That is 2.5 lots, which rounds to 2 lots. The money for the other lots goes back to your account.

Now say 1,000,000 investors each order 10 lots. There are now fewer lots in the pool than people. Not everyone can get even 1 lot. Reports on the rules say that when the pool runs short, orders are served by the time they were placed. We could not open the OJK text to confirm the detail, so check the prospectus for each deal.

What Changed on 17 November 2025

OJK replaced its old allotment circular (SEOJK 15/2020) with a new one, SEOJK 25/SEOJK.04/2025. It took effect on 17 November 2025, according to law firm and news summaries from ABNR, Katadata and Fortune Indonesia.

Three changes matter to a small investor:

A bigger retail slice. Retail investors now get 1/2 of the pooling bucket. Before, they got 1/3.
A cap on each order. Reports say one investor's total order is limited to 10% of the shares offered. Anything above is sent back to be reduced. The sources do not agree on exactly what the 10% is measured against, so read the circular before relying on it.
Five IPO sizes, each with its own minimum pool. The smaller the deal, the bigger the share that must go to the pool.

IPO size	Minimum share in the pool
Class I: under Rp100 billion	20%
Class II: Rp100 billion to Rp250 billion	15%
Classes III and IV: Rp250 billion to Rp1 trillion	Between 15% and 2.5%
Class V: over Rp1 trillion	2.5%

We read these figures in search summaries of the circular, because the OJK, Hukumonline and several news pages could not be opened from our systems. We retrieved them on 6 October 2026. The summaries also describe extra adjustments to the minimum when a deal is heavily oversubscribed. Check the circular for the exact tiers.

What This Means for Your Order

Read the points below as facts about the system, not as advice.

A big order does not guarantee a big allotment. In a hot deal you receive a fraction of what you ordered.
Your cash is tied up until the refund. You pay for the full order first.
A small pool means a small chance. Large IPOs must send less of the deal to the pool, so the public share can be thin even with the new 1/2 rule.
Getting shares is not the same as making money. What happens after listing is a separate question. We looked at it in how IDX IPOs performed in their first year, and at how underwriters can support the price in the greenshoe explained.

Check Before You Check Out

Once an IPO stock lists, look at its real price swings, not just the first-day headline. Open Explore in NetWort and look up the stock's volatility and worst fall from its peak. Then compare it with the blue chips you already hold.