Some of Initial Listing Requirements to become a Listed…
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Some of Initial Listing Requirements to become a Listed Company in the Acceleration Board

According to Decree Letter of PT Bursa Efek Indonesia’s Board of Director Number: KEP-00059/BEI/07-2019  Regarding Regulation Number I-V regarding Certain Provision of Listing of  Shares and Equity-Type Securities Other Than Shares issued by the Listed Company, of the initial requirement for the Listed Company Candidate which shall list its shares in the Accelerating Board are as follows:

  1. Legal entity in the form of Limited Liability Company (PT);

  2. The Registration Statement submitted to the Financial Service Authority (OJK) has been effective;

  3. In the event the Listed Company Candidate is a subsidiary or mother company of Listed Company which results in a consolidated financial report, then the Listed Company Candidate is obliged to submit documents regarding whether the folllowing conditions are fulfilled or not:

  1. In the event of termination of affiliation relation, each company capable to carry out its operational activity properly based on appraise of a registered Appraisal in OJK; and

  2. According to the Listed Company's pro forma financial reports that has been audited by a Public Accountant registered in OJK (without consolidation), the Listed Company is still able to meet the Listing requirements.

  1. The share’s price during the initial listing must be at least Rp50.00 (fifty Rupiah);


  1. If there’s a plan to issue a warrants simultaniously with the shares initial listing, then the warrant’s right implementation price is stipulated to be at least 90% (ninety percent) from the shares offering price and at least the same with the nominal price.

  2. Until Listing application submitted, has carried out commercial operational activity, as evidenced by having recorded operating revenues in the last financial year.

  3. Audited Financial Statements for the last financial year covering at least the last 1 (one) year or since the establishment of the Listed Company less than 1 (one) year to obtain an unmodified opinion.

  1. For the Listed Company Candidate that has experienced an operating loss or has not recorded financial records, it is mandatory that no later than the end of the 6th (sixth) financial year since the recorded operating profit has been recorded based on financial projections.

  2. Conducting a Public Offering using the Financial Services Authority Regulation concerning Registration Statements for Public Offering and Capital Increase by Providing Pre-emptive Rights by Issuers with Small-Scale Assets or Issuers with Medium-Scale Assets.

  3. The number of shares owned by non-Controlling shareholders and non-Main Shareholders after the Public Offering is at least 20% (twenty percent) of the total shares in paid-up capital.

  1. The number of shareholders is at least 300 (three hundred) customers who own the account, provided that the number of shareholders is a shareholder after the initial public offering.

  2. Listed Company Candidate who will carry out initial public offering is obliged to make an underwriting agreement in the framework of a public offering at least in the form of best effort.

  3. Listed Company Candidate is obliged to register Equity-Type Securities in PT Kustodian Sentral Efek Indonesia (KSEI).

Suria Nataadmadja & Associates Law Firm

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