PROSES GO PUBLIC (GO PUBLIC PROCESS)

(1) Penunjukan Underwriter dan Persiapan Dokumen

Pada tahap awal, perusahaan perlu membentuk tim internal, menunjuk underwriter dan lembaga serta profesi penunjang pasar modal yang akan membantu perusahaan melakukan persiapan go public, meminta persetujuan RUPS dan merubah Anggaran Dasar, serta mempersiapkan dokumen-dokumen yang diperlukan untuk disampaikan kepada Bursa Efek Indonesia dan OJK.

(2) Penyampaian Permohonan Pencatatan Saham ke Bursa Efek Indonesia

Untuk menjadi perusahaan publik yang sahamnya dicatatkan dan diperdagangkan di Bursa Efek Indonesia, perusahaan perlu mengajukan permohonan untuk mencatatkan saham, dilengkapi dengan dokumen-dokumen yang dipersyaratkan, antara lain profil perusahaan, laporan keuangan, opini hukum, proyeksi keuangan, dll.

Perusahaan juga perlu menyampaikan permohonan pendaftaran saham untuk dititipkan secara kolektif (scripless) di Kustodian Sentral Efek Indonesia (KSEI).

Bursa Efek Indonesia akan melakukan penelaahan atas permohonan yang diajukan perusahaan dan akan mengundang perusahaan beserta underwriter dan profesi penunjang untuk mempresentasikan profil perusahaan, rencana bisnis dan rencana penawaran umum yang akan dilakukan. Untuk mengetahui lebih lanjut tentang kegiatan usaha perusahaan, Bursa Efek Indonesia juga akan melakukan kunjungan ke perusahaan serta
meminta penjelasan lainnya yang relevan dengan rencana IPO perusahaan. Apabila perusahaan telah memenuhi persyaratan yang ditentukan, dalam waktu maksimal 10 Hari Bursa setelah dokumen lengkap, Bursa Efek Indonesia akan memberikan persetujuan prinsip berupa Perjanjian Pendahuluan Pencatatan Saham kepada perusahaan.

(3) Penyampaian Pernyataan Pendaftaran ke OJK

Setelah mendapatkan Perjanjian Pendahuluan Pencatatan Saham dari Bursa Efek Indonesia, perusahaan menyampaikan Pernyataan Pendaftaran dan dokumen pendukungnya kepada OJK untuk melakukan penawaran umum saham. Dokumen pendukung yang diperlukan antara lain adalah prospektus.

Dalam melakukan penelaahan, OJK dapat meminta perubahan atau tambahan informasi kepada perusahaan untuk memastikan bahwa semua fakta material tentang penawaran saham, kondisi keuangan dan kegiatan usaha perusahaan diungkapkan kepada publik melalui prospektus.

Sebelum mempublikasikan prospektus ringkas di surat kabar atau melakukan penawaran awal (bookbuilding), perusahaan harus menunggu ijin dari OJK. Perusahaan juga dapat melakukan public expose jika ijin publikasi telah dikeluarkan OJK. OJK akan memberikan pernyataan efektif setelah perusahaan menyampaikan informasi mengenai harga penawaran umum saham dan keterbukaan informasi lainnya. Apabila Pernyataan
Pendaftaran perusahaan telah dinyatakan efektif oleh OJK, perusahaan mempublikasikan perbaikan/tambahan informasi prospektus ringkas di surat kabar serta menyediakan prospektus bagi publik atau calon pembeli saham, serta melakukan penawaran umum.

(4) Penawaran Umum Saham kepada Publik

Masa penawaran umum saham kepada publik dapat dilakukan selama 1-5 hari kerja. Dalam hal permintaan saham dari investor melebihi jumlah saham yang ditawarkan (over-subscribe), maka perlu dilakukan penjatahan. Uang pesanan investor yang pesanan sahamnya tidak dipenuhi harus dikembalikan (refund) kepada investor setelah penjatahan. Distribusi saham akan dilakukan kepada investor pembeli saham secara elektronik melalui KSEI (tidak dalam bentuk sertifikat).

(5) Pencatatan dan Perdagangan Saham Perusahaan di Bursa Efek Indonesia

Perusahaan menyampaikan permohonan pencatatan saham kepada Bursa disertai dengan bukti surat bahwa Pernyataan Pendaftaran telah dinyatakan efektif oleh OJK, dokumen prospektus, dan laporan komposisi pemegang saham perusahaan.

Bursa Efek Indonesia akan memberikan persetujuan dan mengumumkan pencatatan saham perusahaan dan kode saham (ticker code) perusahaan untuk keperluan perdagangan saham di Bursa. Kode saham ini akan dikenal investor secara luas dalam melakukan transaksi saham perusahaan di Bursa Efek Indonesia.

Setelah saham tercatat di Bursa, investor akan dapat memperjualbelikan saham perusahaan kepada investor lain melaui broker atau Perusahaan Efek yang menjadi Anggota Bursa terdaftar di Bursa Efek Indonesia.


(1) Appointment of the Underwriter and Document Preparation

At an early stage, the company needs to establish an internal team, appoint an underwriter and institutions, as well as the capital market supporting professionals that will assist the company in conducting preparation for going public. They also need to request for approval at the Annual General Meeting of Shareholders and to make changes to the Company Charter, as well as prepare the required documents and deliver them to the Indonesia Stock Exchange and OJK.

(2) Submission of the Listing Application to IDX

To become a public company whose shares are listed and traded on the Indonesia Stock Exchange, the company needs to submit an application for listing along with the required documents, including the Corporate Profile, financial reports, legal opinions, financial projections, and others.

The company also needs to deliver the listing application (scriptless) to the Indonesia Central Securities Depository (or known as KSEI). The Indonesia Stock Exchange will review the application submitted by the company, and will invite the company along with their Underwriter and supporting capital market professionals to present the company’s profile, business plans and public offering plans.

In order to find out further regarding the business activities of the company, the Indonesia Stock Exchange will also conduct a site visit to the company and possibly request further explanation on the  company’s IPO plan. Once the company has met the specified requirements, within a maximum of 10 Exchange calendar days after the documents have been completed, the Indonesia Stock Exchange will provide the principle consent in the form of a Preliminary Agreement of shares listing to the company.

(3) Submission of the Registration Statement to the OJK

After obtaining the Preliminary Agreement of the shares listing from the Indonesia Stock Exchange, the company delivers a Registration Statement and its supporting documents to the OJK to conduct the initial public offering of shares. The necessary supporting documents needed, includes the Company Prospectus.

In conducting the review, the OJK may request for changes or additional information from the company to ensure that all material facts regarding the share offering, financial condition, and business activities of the company are disclosed to the public on the Prospectus.

Prior to publishing the summary Prospectus in newspapers or prior to the book building process, companies must wait for permission from the OJK. The company may also conduct a public exposé if publication has been permitted by the OJK. The OJK will give an effective statement after the company delivers information regarding the initial public offering share price and other disclosures of information. When the company’s registration statement has been declared as effective by the OJK the company will publish the revised/additional summary of the Prospectus on newspapers, and also provides the Prospectus to the public or prospective buyer of the shares, and conducts the public offering.

(4). The Initial Public Offering

Offering of shares to the public can be conducted within 1-5 business days. In the event that the demand for the shares from investors exceeds the number of shares offered (over-subscribed), the share allocation needs to be done. Order funds from investors which are not fulfilled must be refunded to the investor after the shares allocation. The distribution of shares will be executed electronically to the investors through KSEI (not in the form of a certificate).

(5) Listing and Trading of the Company’s Shares on the IDX

The company delivers the listing application to the Indonesia Stock Exchange, accompanied by evidence of the registration statement which has been declared as effective by the OJK, Prospectus documents, and composition of company’s shareholder report.

The Indonesia Stock Exchange will give approval and announce the listing of the company’s shares and its share code (ticker code) for the purpose of share trading on the Exchange. This ticker code will be widely known by investors in doing transactions with the company’s shares on the Indonesia Stock Exchange. After the shares are listed on the stock exchange, investors will be able to trade the company’s shares to other investors through brokers or securities companies, which are members of the Indonesia Stock Exchange.