RLCO Shares Halted After 5,000% Increase Since IPO

• RLCO shares jumped over 5,000 percent within six weeks of its IPO amid strong investor demand.

• The Indonesia Stock Exchange suspended RLCO trading from January 21, 2026, due to extraordinary price movements.

By Emirsyah Kevin Mecca, Attala Sabian Andhika, Maria Ella Risandra Puruhita, Nashwah Putri Az-Zahra

January 23, 2026 at 16:30 GMT+7

RLCO launched its IPO on the Indonesia Stock Exchange in early December 2025, secured approximately Rp105 billion from its IPO, implying an initial market capitalization of around Rp525 billion.

Read more: IDX Composite Marks Historic Milestone Above 9,000

Since its initial public offering at Rp168 per share, the stock has recorded an extraordinary rally to Rp8,700 within six weeks of trading. This represents gains exceeding 5,000 percent since its listing on December 8, 2025. The shares repeatedly hit the upper auto rejection limit, most recently returning to the ceiling price of Rp8,700 on Tuesday (01/20) at the level of Rp8,700. 

According to the prospectus, 56.33% of IPO proceeds will be allocated to working capital for purchasing swiftlet nest raw materials, while 43.67% will fund its subsidiary. According to Edwin Pranata, President Director of RLCO, the IPO marks a strategic milestone in transforming the company from a commodity-based business into a value-added industrial player. 

RLCO shares touch ARA | Source : infobanknews.com

The strong performance of RLCO shares appeared to be evident as early as the company’s initial public offering (IPO). The IPO, which took place from December 2 to 4, 2025, attracted exceptionally strong demand, with orders reaching up to 89.49 billion shares out of the 625 million shares offered to the public. 

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This level of demand translated into an oversubscription rate of 143.19 times, placing RLCO as one of the most heavily subscribed IPOs in 2025 and highlighting strong investor interest at the time of its listing. 

The stock’s exceptional performance emphasizes the rapid upside potential of small-cap IPOs and the significant risks associated with extreme price volatility. 

Initial listing of RLCO shares | Source : IDX Channel

IDX has imposed a temporary trading suspension on the shares of RLCO amid extraordinary market activity, effective from the start of trading on (01/21) 2026. The halt, applied to both the regular and cash markets, is part of a broader measure that also affected several other stocks experiencing sharp and unusual price movements. 

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During the suspension period, trading in RLCO shares has been halted until further notice from the exchange. IDX said the trading suspension was imposed to protect investors and maintain orderly markets amid abnormal price movements, while authorities review developments and regulatory measures. 

According to Yulianto Aji Sadono, Head of the IDX Transaction Supervision Division, "The Exchange urges all relevant parties to consistently pay close attention to the company’s information disclosures.”

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Sources:

IDX