June 29, 2018 / 8:02 AM / 9 months ago

UPDATE 1-New Indonesia stock exchange CEO targets 25-30 new listings in 2019

(Adds background on regulations)

JAKARTA, June 29 (Reuters) - The Indonesia stock exchange (IDX) said on Friday it was targeting 25-30 new company listings in 2019 and would aim to increase market cap by 15-20 percent each year.

Inarno Djayadi, who was confirmed as CEO at an IDX shareholders’ meeting on Friday, told a press conference he wanted the exchange to hit 40 new company listings for 2020.

He added that he was expecting 35 initial public offerings (IPO) on the IDX by the end of 2018, “with 32 already in the pipeline”.

IDX director Laksono Widodo said the stock exchange was also working to review regulations for tech startup IPOs.

Current regulations include a requirement to be profitable within two years of listing.

Widodo said IDX’s new management team would target a market cap of 10,000 trillion rupiah ($696.86 billion) in 2020, from 7,200 trillion rupiah currently. ($1 = 14,350.0000 rupiah) (Reporting by Cindy Silviana; Editing by Muralikumar Anantharaman)

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