IDX Releases New Economic Board, Equivalent to Main Board but More Friendly for Unicorns

The Indonesia Stock Exchange (IDX) officially launched a new listing board, namely the new economic board (new economic board) which was inaugurated yesterday (05/12). The board is prepared for stocks with large market capitalization potential equivalent to the main stock board, but the financial performance has not been positive.

"We hope that the implementation of this new economic board can be one of the incentives for sector companies new economy to be listed on the IDX," IDX Development Director Jeffrey Hendrik was quoted as saying Kompas.com.

At the same time, the announcement also transferred three shares that were effectively listed on the new economic board, namely PT GoTo Gojek Tokopedia Tbk (GOTO), PT Bukalapak.com Tbk (BUKA), and PT Global Digital Niaga Tbk (BUY).

The presence of a new economic board is part of efforts to protect investors, as well as information disclosure carried out by the exchange. By grouping these new economic stocks in a separate board and given a special notation, it will make it easier for investors to identify and compare the stocks on the board.

According to him, some companies are new economy or status company unicorn states it doesn't want to go to the development board but the main board.

"This is a bit unique in our capital market. we want to put investor protection, but without compromising the prestige of companies included in the board of the new economy. So we equate with the main board, even more requirements strict,” added Head of IDX Business Development Division Ignatius Denny W quoted separately from Between.

On the other hand, the IDX is responsible for providing special protection for investors, not just notation but also implementing it in board form. “So that those who want to buy can immediately see where the board is, at least there is one awarenessfirst.”

There are two special notations for shares listed on the new economic board, namely the special notation "K" which means the company applies shares with multiple voting rights (SHSM) and is listed on the new economic board, and the special "I" which means the company does not implement SHSM and listed on the new economy board.

The use of this special notation to identify that the company's shares are listed on the new economic board, is basically not negative information, but rather information that the company in question has certain conditions.

From a holistic point of view, Denny continued, IDX's target is to increase the diversity of investment alternatives in the Indonesian capital market without reducing investor protection. On the other hand, Indonesia also happens to be one of the largest unicorn producers in the world.

"Therefore, how can we as regulatorsbalancing-his. Some of the initiatives that have been carried out by the stock exchange, we have created our IDX Industrial Classification (IDX-IC) to place different benchmarks. Previously companies like GOTO, BUY, previously entered othersNow there is an IT sector," he concluded.

More transparent for investors

According to analysts, the new board makes investors more aware of the special characteristics of issuers operating in the new economy. These characteristics have high growth, optimize technology for innovation and spur productivity, have an impact on the economy and have social benefits.

Director of Equator Swarna Capital Hans Kwee said, with these characteristics, buyers of shares in the new economy board cannot expect instant and short-term investment returns. "In other words, the shares on this board are suitable for long-term investments," he said.

Benefits for the issuer itself is a means Branding sebagai growth company prospective in the future. This status will attract the attention of institutional investors or investors fund managers who do have a high interest in technology stocks. “This board represents a very good opportunity considering tech stocks are starting up rebound, in line with changes in the Fed's interest rate policy which will be more moderate.”

Associate Director of Pilarmas Investindo Sekuritas Maximilianus Nico Demus added, the new economic board is an acknowledgment from the stock exchange authority of the business sector which has contributed to economic growth.

All this time new economy always debated with oldeconomy. New economy is a company that has a new business model related to technology and creates an ecosystem. Such a company is promising growth opportunities so stocks like GOTO, OPEN, and BUY, fall into the category new economy.

He believes, of the three, GOTO has the most potential to attract attention because of its extraordinary contribution in driving the economy, especially the digital economy.

"Leading with the ecosystem they have, of course this gives more value to GOTO. Especially with the achievement of GOTO's performance in Q3 2022, it clearly indicates that GOTO is on the right direction to achieve profitability. This of course made GOTO dominate the board new economy later," Nico said.