This is because the shares released to the public in the IPO were only around 20.02%. In fact, the new IDX rules for issuers with a market cap below IDR 5 trillion require a minimum free float of 25%.
With an IPO price in the range of IDR 135–IDR 170, the estimated market cap for RANS is around IDR 1.7 trillion to IDR 2.14 trillion.
The IDX explained that the RANS IPO process could still continue because the share listing application documents had been received before the new BEI rules came into effect on March 31 2026. So, the evaluation still used the rules that were in effect when the application was received.
Apart from that, BEI said that RANS also has existing shareholders who meet the free float criteria. After the IPO, RANS’s total free float is estimated to reach around 28.85%, so it is considered to meet the requirements.
Before the IPO, the majority of RANS shares were still held by Raffi Ahmad, amounting to 78.68%. Several other names are also listed as shareholders, including SCMA, Dony Oskaria, Kaesang Pangarep, Nagita Slavina, and a number of other investors.
Do you think the RANS IPO is interesting to observe?
Or do you need to be more careful because the portion of public shares and their valuation are in the spotlight?
Source: CNBC Indonesia
