How Do Indonesian IPOs Actually Perform After Listing? The First-Year Data
6 min read
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6 min read
You watch a new stock list on the Indonesia Stock Exchange (BEI, or IDX in English), and it jumps 40% or more on day one. It feels like free money. The question nobody answers in that excitement is what happens next, once the opening-day crowd moves on. Indonesia IPO first year performance data for the most recent full class of listings gives a clear, if less flattering, answer.
In 2025, 26 new companies listed on the IDX, raising a combined Rp18.11 trillion (CNBC Indonesia, 5 August 2026). On their first day of trading, these stocks gained about 30% on average, the kind of number that makes an IPO look like an easy win.
A year later, the picture looked different. Measured against their own IPO offer price as of 24 December 2025, of those 26 stocks: 16 were up, one closed flat, and nine were down (Kontan, "Ini Deretan Saham IPO Paling Cuan dan Boncos di Tahun 2025"). More than a third of the class was sitting below the price at which it first sold shares to the public, months after the day-one euphoria had faded.
A simple "how did 2025's IPOs do on average" question hides more than it reveals, because the results were not clustered anywhere near an average. They were spread across an enormous range.
| Stock | Ticker | IPO price | Change since listing | As of |
|---|---|---|---|---|
| Indokripto Koin Semesta | COIN | Rp100 (9 Jul 2025) | +3,490% | 24 Dec 2025 |
| Abadi Lestari Indonesia | RLCO | N/A | +769.05% | 24 Dec 2025 |
| Chandra Daya Investasi | CDIA | N/A | +768.42% | 24 Dec 2025 |
| Raharja Energi Cepu | RATU | N/A | +723.91% | 24 Dec 2025 |
| Fore Kopi Indonesia | FORE | N/A | +187.23% | 24 Dec 2025 |
| Raja Roti Cemerlang | BRRC | Rp210 | -48.57% | 24 Dec 2025 |
Source: Kontan, "Ini Deretan Saham IPO Paling Cuan dan Boncos di Tahun 2025," data compiled 24 December 2025.
COIN, a crypto exchange listing, turned every Rp1 million invested at the IPO price into roughly Rp35.9 million by year end, the strongest of the 26. BRRC, a bakery chain, lost almost half its IPO value over the same stretch, the weakest of the group. Both are real, dated outcomes from the same list of 26 companies that listed in the same year. Neither one is what "the 2025 IPO class" actually looked like on its own. Together, they are.
This is the same trap as judging an investment by its headline average return instead of what actually happened along the way, a pattern covered in more depth in why arithmetic and geometric mean tell different stories. A wide spread of outcomes is a very different thing to hold than a single "the sector returned X%" number suggests.
The 30% average first-day gain and the year-later 9-of-26 decline rate are not really in tension. Both are well documented patterns, just at different time horizons.
Reporting on the 2025 class put it plainly: prices jump on the first day, then "the euphoria tends to cool down" (CNBC Indonesia, 5 August 2026). That cooling-down period is exactly where the 16-up, 1-flat, 9-down split gets decided. The stocks that keep climbing after the pop and the stocks that give it all back and more both start out looking identical on day one.
It is too early to score 2026's IPO class the way the table above scores 2025's, most of this year's listings have not been trading a full year. But the shape of the pattern is already visible within weeks of listing.
PT Nitrasanata Dharma (JECX) gained 50% in its first two trading days after listing on 7 July 2026, then reversed hard enough to hit its daily limit-down (ARB) at Rp1,660. PT Bach Multi Global (BACH), which listed 9 July 2026, could not hold its opening pop either, giving back most of its first-day gain to close its second day up only 24.43% from its IPO price. PT Esa Medika Mandiri (EMMI) had, within weeks, fallen back close to its Rp470 IPO price entirely (CNBC Indonesia, "Rapor Kinerja Emiten IPO 2026," 10 July 2026). Not every 2026 name has faded. PT Niramas Utama (JELI), helped by a thin free float of roughly 26%, was still up 56% from its IPO price by early July. None of this settles where the 2026 class will land a year from now, but the same fast rise and fast fade already visible in weeks one and two is exactly what separated 2025's winners from its losers over twelve months.
None of this means new listings are bad investments. COIN's 2025 result alone shows the upside can be real. It means the day-one price move tells you almost nothing about where the stock lands a year later, and that a new listing carries a wider range of outcomes than an established, heavily traded stock.
Before sizing a position in any newly listed stock, or deciding how much of your portfolio it deserves, a few things are worth checking rather than assuming: how much of the company's shares are actually in public hands (a thin free float can exaggerate both the pop and the crash), whether the stock has been added to or excluded from major indices like LQ45 or IDX30, and what its price has actually done since the first week, not just on day one.
Once a newly listed stock has enough trading history behind it, NetWort's Explore screener shows its volatility and worst-case drawdown alongside hundreds of other tracked names, a clearer picture than a single day-one headline. For the broader index context these individual listings sit inside, the Market page tracks current IDX moves and sector activity.