2024 has been a mixed year for Indonesia’s IPO market. While the overall number of IPOs has decreased, some companies have emerged as clear winners, demonstrating that the market still holds opportunities for strategic investments.

Adaro Andalan Indonesia (AADI)

Among the standout IPOs in December 2024 was PT Adaro Andalan Indonesia Tbk (AADI), a subsidiary of PT Alamtri Resources Indonesia Tbk. AADI’s debut on the Indonesia Stock Exchange was significant as it was one of the few companies to list on the Main Board with a fundraising target exceeding Rp1 trillion. Despite market downturns, AADI’s strong fundamentals and its spin-off from ADRO attracted considerable attention. The stock jumped by 20% on its first day, setting the stage for future growth.

Mr DIY (MDIY)

Another notable IPO was PT Daya Intiguna Yasa Tbk, operating under the popular Mr DIY brand. Despite mixed early results, MDIY’s brand recognition and retail appeal helped it capture investor interest. As the 41st and final IPO of 2024, Mr DIY listed on the IDX amid the overall market slowdown, marking a significant milestone for the retail sector.

Top Performing IPOs in 2024

Despite the less-than-ideal market conditions, several companies achieved extraordinary returns, making them the top gainers of 2024.

1. PT Daaz Bara Lestari Tbk (DAAZ)
2. One of the most impressive performances came from DAAZ, which listed in November 2024 at Rp1,100 per share. Within weeks, the stock surged 334.55%, reaching Rp4,780 by December 24, 2024. The company raised Rp264 billion through its IPO, investing heavily in commodities such as coal, nickel, and solar. This substantial growth made DAAZ the top-performing IPO of 2024.
3. PT Remala Abadi Tbk (DATA)
4. Remala Abadi, a telecommunications company, entered the market in May 2024. Starting at Rp188 per share, its stock appreciated by 205.56% to Rp770 by December 24. The company’s growth was driven by a new strategic investor and its acquisition of PT Fiber Media Indonesia, boosting investor confidence and solidifying its place as a top performer in 2024.
5. PT Harta Djaya Karya Tbk (MEJA)
6. Harta Djaya Karya, listed on February 12, 2024, saw a remarkable 181.42% increase in stock price by December 24, 2024. The company operates in design consulting, interior contracting, and furniture, sectors that have seen strong demand as businesses return to modern office spaces. The success of MEJA’s IPO was also supported by significant new contracts secured in the second half of the year.

Market Outlook and Conclusion

While the broader market, including the Jakarta Composite Index (IHSG), faced challenges, the performance of these top IPOs highlighted the potential for growth in specific sectors such as telecom, commodities, and retail. Investors who focused on companies with strong fundamentals and clear growth potential were able to achieve impressive returns, despite broader market trends.

In conclusion, 2024’s IPO market was a year of mixed results, but it also demonstrated that, with the right strategic positioning, companies can still succeed and generate significant returns for their investors.