Following the blockbuster initial public offering (IPO) of homegrown e-commerce major Bukalapak, the Indonesia Stock Exchange (IDX) is gearing up to welcome more technology companies by revamping its rules.
Indonesia is working on guidelines on issues such as dual-class shares and is likely to announce new rules this year, IDX commissioner Pandu Sjahrir said at DealStreetAsia’s Asia PE-VC Summit 2021.
The authorities are working on addressing issues related to the ratio of voting rights and the duration of such rights, among others, he added.
“It’s not going to be perfect, to be honest, but I think it will be close to whatever best practices are out there,” Sjahrir said.
Sjahrir, who also serves as a managing partner at Indies Capital and is the chairman of Sea Group, also shared the exchange’s views on surging retail investor participation, attracting more institutional investors and rules pertaining to special purpose acquisition companies (SPACs).
“We’re focusing a lot on multiple voting shares and I think after that we will be focusing on the SPACs,” he said, noting that regulation pertaining to blank cheque companies is likely to be announced in 2022.