To meet the demand for the listings of shares and equity-type securities by small and medium enterprises (SMEs), the Indonesia Stock Exchange (IDX) recently issued a new rule that introduces IDX's acceleration board. The acceleration board aims to facilitate the listing of SMEs before they are qualified for listing on IDX's main board or development board.
Who is eligible under this rule?
This new rule is only applicable for proposed issuers that are still considered as SMEs under the OJK SME Offering Rule.1 The OJK SME Offering Rule recognizes SMEs as small-scale issuers and medium-scale issuers, depending on their total asset value (based on the financial statements used in the submission of a registration statement to OJK).
SMEs are considered as small-scale issuers if their asset value is not more than IDR 50 billion, while SMEs with an asset value of more than IDR 50 billion but not more than IDR 250 billion are considered as medium-scale issuers. Both small-scale issuers and medium-scale issuers must not be controlled (whether directly or indirectly) by a company that:
- is a controller of an issuer or public company that is not a small-scale issuer or medium-scale issuer
- has assets of more than IDR 250 billion
As provided under the OJK SME Offering Rule, the maximum size of a public offering by small-scale issuers or medium-scale issuers is IDR 250 billion.