A slew of ‘old economy’ stocks, in sectors ranging from energy to commodities, have either debuted or are preparing to debut, on the Indonesia Stock Exchange (IDX) this year. Thanks to these traditional businesses, the country’s overall IPO scene may remain buzzing even as the outlook for tech listings remains bleak in 2023.
In February, Pertamina Geothermal Energy, a unit of the state-owned energy company Pertamina, was listed on the IDX raising $596 million.