Other Indonesian startups have also engaged in discussions with the IDX.
Sulistio said the companies are now facing challenges in preparing legal and administrative matters. However, he is optimistic the challenges could be overcome.
“If they commit the process would take about four to five months only,” he said, as quoted by local media Kontan.
Kaskus is Indonesia’s largest online platform founded by Andrew Dawis in 1999, while Bukalapak is one of the country’s leading trading platforms.
The IDX and the Indonesian Chamber of Commerce (KADIN) are reportedly launching a special board and an incubator programme to support Indonesian tech startups to go public. The board will facilitate startups to prepare them for IPOs.
Meanwhile, the incubator programmes will be launched in Jakarta and Denpasar. KADIN also claimed it has received commitment from a number of leading local venture capital firms, such as Venturra Capital, Northstar Group, and Convergence Ventures.
The plan comes in the backdrop of the country’s financial markets regulator Financial Services Authority (OJK) preparing a regulation that will provide a legal basis for SMEs, including startups, to generate funds as high as Rp1 trillion ($74.63 million) from IPO.
The regulator is evaluating the IPO norms for startups and the exercise would be completed by June with an implementation timeline expected later this year. IDX and OJK are in talks to set up a special board for SMEs or startup companies. Tito said, the idea is that SMEs or startup companies that have net intangible assets as low as Rp5 billion may also list shares on the Jakarta bourse.
President Joko “Jokowi” Widodo stated his optimism over the potential growth in the country’s e-commerce industry, by issuing a new regulation that allows a 49-percent foreign ownership cap on small online businesses.
The government’s target of establishing a $130 billion digital economy by 2020 is centered on e-commerce development and technology awareness.