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Indonesia isn’t exactly a stock trading hotbed. No other Southeast Asian country has a smaller market for equities relative to the size of its economy, according to the International Monetary Fund.
As a result, Jakarta, Indonesia’s capital and largest city, has seen a flood of interest from foreign investors who’d rarely made trips there before last year. “It was hard to get someone from London, Hong Kong or Singapore to come here,” says Irwanti , chief investment officer of Schroders Indonesia in Jakarta. “Now some of them have come for a visit three or four times within a year, looking for good ideas.
For now, Indonesia has some powerful advantages. It has a population of about 280 million, the fourth-largest in the world, which provides a base of retail as well as institutional investors. Its $1.3 trillion gross domestic product is the largest in Southeast Asia. “That provides the confidence for capital market participants, both domestic and international, to be a part of the growth journey,” says Sunil Khaitan, head of equity capital markets for Southeast Asia at Bank of America Corp. in Singapore. Indonesia is also benefiting from the search for investment alternatives beyond China, which is struggling to revive its economy.
Some bankers note that fundraising activity may slow as Indonesia gears up for a general election in February. Although local and foreign players expect market-friendly policies to remain in place, some companies have already put their IPO plans on hold. They include PT Pertamina Hulu Energi, a unit of state-owned energy company Pertamina that had been expected to be one of Indonesia’s biggest IPOs this year. The listing of a 10% stake was projected to raise at least $2.5 billion.
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