CDIA Raises Rp2.37 T in a Historical 563.64x Oversubscription

• CDIA's IPO made a historic debut on the IDX with a 563.64x oversubscription and a 35% share surge on day one.

• Beyond capital raising, the IPO is positioned as a strategic move to boost Indonesia's industrial self-sufficiency.

By Kenzie Aryasatya, Fayza Nawra Avanitanya, Muthia Noor Safitri, Imam Fakhri Prayogo Harianto 

July 4, 2025 at 16:30 GMT+7

PT Chandra Daya Investasi Tbk (CDIA) made headlines with its record-breaking debut on the Indonesia Stock Exchange (IDX), racking up a staggering 563.64 times oversubscription, marking one of the highest levels ever recorded on the exchange. 

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Demand came from a wide range of investors, with both pooling and bookbuilding allotments massively oversubscribed. Both retail and institutional investors responded positively to the offering. CEO Antonius M. Hartono credited this success to the market’s strong belief in CDIA’s long-term vision and business fundamentals. 

The strong demand has set a new benchmark for successful IPOs in Indonesia. This marks a significant milestone for the Indonesian capital market, demonstrating what can be achieved when investor confidence, market timing, and effective communication converge.

Illustration of: Prajogo Pangestu, PT Chandra Daya Investasi Tbk (CDIA) | Source: IDN Financials

CDIA recorded a 35% surge in share price during its market debut, immediately triggering Auto Rejection Atas (ARA), which signaled overwhelming demand from the market.  Excitement quickly spread, especially among retail investors energized by the high-profile presence of Prajogo Pangestu.

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His name alone brought a level of attention rarely seen in IPOs. That buzz translated into a sharp spike in trading volumes, with CDIA emerging as one of the most actively traded stocks on Wednesday (7/10). 

The interest persisted in the secondary market, signaling confidence in the company’s long-term growth story. CDIA’s rally is a reminder that in today’s market, strong sentiment and branding can move stocks just as powerfully as balance sheets.

PT Chandra Daya Investama Tbk (CDIA), Prajogo Pangestu, issuer listed on the Indonesia Stock Exchange (IDX), Wednesday, July 9, 2025 | Source: IDN Financials

Prajogo Pangestu expressed hope that CDIA’s IPO would go beyond a corporate milestone and contribute to Indonesia’s broader economic goals. He pointed to the company’s role in developing the country’s downstream sector, particularly in petrochemicals and refining, as part of a push to strengthen local industry. 

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The aim is to reduce Indonesia’s reliance on imports, improve domestic production, and open new doors for long-term investment. More than just raising capital, the listing is seen as a step toward greater industrial independence. 

For Prajogo, CDIA represents more than a business, but a bet on Indonesia’s ability to build and sustain its own supply chain. In an era where self-sufficiency matters more than ever, the IPO signals that Indonesia wants to take a bigger role in shaping its economic future.

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Source:

CNBC

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