What’s behind the spurt in Indonesian IPOs this year?

The Indonesia Stock Exchange (IDX) has been buzzing with activity in 2023.

As of May 26 this year, the bourse has hosted 40 initial public offerings (IPOs) that cumulatively raised 40 trillion rupiah ($2.67 billion). The overall fundraising is already higher than the entire 2022’s total of 33 trillion rupiah.