$POWR
Free float 15%?

Kalau gak paham, google translate jg. Kalau masih gak paham, sewa otak dulu bang atau exit dari market. 🫨🫨

Nih:

In the Indonesian stock market context, here’s what’s most common across sectors:

Most Likely Approach: Secondary Offering (Private Placement)

This is the predominant method in Indonesia because:

- Indonesian companies typically have strong family/group control they want to maintain
- Controlling shareholders (often founders or conglomerates) prefer to sell down slightly rather than dilute their percentage through new issuance
- The company doesn’t need to justify capital raising to OJK (Otoritas Jasa Keuangan) and shareholders

Common pattern: A private placement to institutional investors (often foreign funds, local pension funds, or other strategic investors) at a small discount to market price.

Second Most Common: Rights Issue with Non-Participation

Controlling shareholders announce a rights issue but deliberately don’t take up their full entitlement, allowing the rights to be taken up by public/institutional investors. This achieves free float increase while appearing to “give opportunity” to existing shareholders.

Sector-Specific Patterns

Banks and Financial Services: Often use secondary offerings because they face regulatory capital requirements separately and don’t want to signal capital weakness by issuing new shares.

Mining and Plantations: Sometimes combine secondary offerings with strategic investor placements, especially if there are divestment requirements (like the old mining law requiring Indonesian ownership).

Property and Infrastructure: More likely to do primary issuances if they genuinely need development capital, but still often opt for secondary if it’s purely for free float compliance.

Family Conglomerates (across sectors): Almost always secondary offerings - families like Salim, Bakrie, Lippo groups prefer selling small stakes rather than diluting their control percentage.

Why Indonesia Differs

The controlling shareholder culture in Indonesia means families/groups are extremely reluctant to dilute their percentage ownership, making secondary offerings the path of least resistance for free float compliance.​​​​​​​​​​​​​​​​

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