The Indonesia Stock Exchange (IDX) is considering new rules for IPOs to enhance listing regulations.

IDX President Director Iman Rachman said the proposal involves a requirement of more than 10% for IPO proceeds.

Discussions are ongoing with Indonesia’s Financial Services Authority (OJK), with potential approval expected next year.

This proposal follows the removal of PT Barito Renewables Energy from the FTSE Russell indexes in September due to claims of high shareholder concentration, which the company disputed.

Rachman said the IDX is advising companies with equity over 2 trillion rupiah (US$126 million) to target IPO proceeds of at least 10% of their valuation.

This replaces the current minimum free float rule as an interim measure while broader revisions are considered.