Officially Joining New Economic Papas, Stock Exchange Expects Many Unicorn Companies To Enter The Capital Market

Indonesia Stock Exchange. (Photo: Doc. Antara)

JAKARTA - The Indonesia Stock Exchange (IDX) hopes that New Economic Zones can attract more unicorns, aka startups, with a valuation of one billion US dollars to enter the stock exchange.

"With the New Economic Zone (which was launched this Monday), it is hoped that more unicorns will enter us without ignoring investor protection," said IDX Head of the IDX Business Development Division Ignatius Denny W during a press conference quoted by Antara, Monday, December 5.

As of Monday, three stocks were effectively listed on Papan Ekonomi Baru, namely PT GoTo Gojek Tokopedia Tbk (GOTO), PT Bukalapak.com Tbk (BUKA), and PT Global Digital Niaga Tbk (BELI).

Denny conveyed that the presence of Papan Ekonomi Baru was part of an effort to protect investors as well as open information carried out by the stock exchange.

By grouping these new economic stocks on separate boards and given special notifications, it will make it easier for investors to identify and compare the shares on the board.

"This is a little unique in our capital market, yes. We want to place investors in protection, but without reducing the prestigiousity of companies that are included in the New Economic Zone. So, we are equivalent to the Main Tapan, even the requirements are more stripped," said Denny.

According to him, some companies that are new economy or companies with unicorn status, they do not want to enter on Papan Pembangunan, but want to enter on Papang Utama.

"But, on the other hand, we want to provide special protection for our investors so that initially we have given a special notification. With the implementation of this New Economic Papa, the protection will be more, because it is not just a notation, but also implements it in the form of a board so that those who want to buy can see where the board is, at least there is awareness first," said Denny.

There are two special notations for stocks listed on Papan Ekonomi Baru, namely the special notation "K" which means the company applies shares with multiple voting rights (SHSM) and is listed on the New Economic Zones, as well as a special notification "I" which means the company does not apply SHSM and is listed on the New Economic Zones.

The use of a special notation to identify that the company's shares are listed on Papan Ekonomi Baru is basically not negative information, but is information that the company concerned has certain conditions.

In terms of holistic, continued Denny, the IDX target is to increase the diversity of investment alternatives in the Indonesian capital market without reducing protection to investors. On the other hand, Indonesia also happens to be one of the largest unicorn producers in the world.

"Therefore, how do we as regulators block it. Some of the initiatives that have been carried out by the stock exchange, we have made IDX Industrial Classification (IDX-IC), we have placed different benchmarks. Previously, companies such as GOTO, BELI, previously entered others, now there is the IT sector," said Denny.

The exchange also makes an alternative mechanism for new recording requirements, where to attract unicorns and can enter the Main Papan or New Economic Papan, the requirements have varied and not only use the previous requirement, namely business profit. In addition, there is also support from the Financial Services Authority in the form of regulations related to multiple voting shares (MVS) or SHSM.