CDIA IPO Attracts Retail Investors, Oversubscription Reaches Hundreds of Times

The initial public offering (IPO) of PT Chandra Daya Investasi Tbk (CDIA), which took place from July 2 to July 7, 2025, successfully attracted significant interest from retail investors. By offering 12.48 billion shares at a price of IDR 190 per share, the company has the potential to raise up to IDR 2.37 trillion. Individual investors competed fiercely to secure their allocation, often referred to as “crumb shares” amid intense competition.

Surging Demand, Long Queue of Retail Orders

According to a CNBC Indonesia report, the CDIA IPO was oversubscribed by as much as 400 times. Specifically, for the retail allocation through the COIN system, demand was recorded at 70 times higher than the available shares.

The share allotment process was conducted under two main schemes:

• Fixed allotment: 10% allocated for institutional investors

• Pooling allotment: designated for retail investors

In the case of overwhelming demand, the portion for pooling allotment may be increased from 5% to 12.5%, depending on the level of order enthusiasm.

Retail Opportunities and Allotment Mechanism

According to Katadata, the pooling allotment mechanism consolidates all retail orders from various securities firms into a single entry system. Share allocation is prioritized based on the order submission time. Each retail investor has the opportunity to obtain a minimum of 10 lots, equivalent to 1,000 shares, as an initial allocation before proportional allotment is applied.

Affordable Entry Capital & Infrastructure Sector Appeal

One of the main attractions of the CDIA IPO lies in its highly affordable entry capital. With just IDR 19,000, retail investors can own 100 shares.

As a subsidiary of Chandra Asri Pacific Tbk (TPIA), CDIA operates in the energy and infrastructure sectors under the leadership of conglomerate Prajogo Pangestu. The IPO proceeds will be used to expand its business portfolio, including investments in energy, logistics, ports, and storage facilities. Specifically, approximately IDR 871.7 billion will be allocated for ship procurement and logistics development, while around IDR 1.5 trillion will be directed toward port construction and supporting infrastructure. 

Market Impact and Retail Risks

The entry of CDIA shares, with a fundraising potential of IDR 2.37 trillion, is expected to increase liquidity on the Indonesia Stock Exchange (IDX).

Nevertheless, retail investors should remain cautious of certain risks, including potential profit-taking shortly after the stock listing and a wide price spread during the early trading phase.

According to the prospectus, CDIA is also committed to distributing a dividend payout of 40%, reflecting the company’s efforts to provide returns for shareholders following its stock market debut.