IDX Officially Implements 15% Free Float Requirement

TEMPO.CO, Jakarta - Indonesia Stock Exchange (IDX/BEI) has issued changes to Exchange Regulation No. I-A regarding the Listing of Shares and Equity Securities Other than Shares Issued by Listed Companies, as well as Circular Letter (SE) BEI number SE-00004/BEI/03-2026.

The circular explains the provisions for listing shares and equity securities, excluding those issued by listed companies. These regulations will take effect on Tuesday, March 31, 2026.

"This change has been made through the Rule Making Rule (RMR) process and has obtained approval from the OJK (Financial Services Authority)," said the acting official CEO of IDX Jeffrey Hendrik in his office, South Jakarta, on Thursday, April 2, 2026.

In the changes, IDX adjusted the definition of free float shares and raised the minimum free float limit for companies to remain listed on the exchange to 15 percent of the total listed shares. For initial listings, the free float requirements are now based on market capitalization at three levels: 15 percent, 20 percent, and 25 percent of the total shares to be listed.

He stated that IDX is opening a mechanism for certain shareholders to apply to be included in the free float. Explanations regarding the definition of free float and the criteria for eligible shareholders are included in the circular.

The Exchange will provide a transition period for listed companies to meet these requirements, which is based on their market capitalization as of March 31, 2026.

Companies with a minimum share capitalization of Rp5 trillion and a free float below 12.5 percent must meet the 12.5 percent free float requirement by no later than March 31, 2027, and increase it to 15 percent by no later than March 31, 2028. Companies that already have a free float between 12.5 percent and 15 percent must meet the 15 percent limit by March 31, 2027.

Meanwhile, companies with a share capitalization below Rp5 trillion are given time until March 31, 2029, to meet the 15 percent free float requirement. IDX will send letters to each company to determine the transition period category based on its share capitalization.

Jeffrey stated that IDX will conduct socialization and provide assistance to listed companies, as well as offer support services related to meeting free float obligations.

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