Chandra Daya Investasi (CDIA) IPO Attracts Retail Investors, Oversubscribed Hundreds of Times

The initial public offering (IPO) of PT Chandra Daya Investasi Tbk (CDIA), held from July 2 to July 7, 2025, successfully attracted significant interest from retail investors. The company, a subsidiary of Chandra Asri Pacific Tbk (TPIA), offered 12.48 billion shares at an offering price of IDR 190 per share, potentially raising up to IDR 2.37 trillion.

1. Oversubscription: Retail Quota in High Demand

According to CNBC Indonesia, the CDIA IPO was oversubscribed by up to 400 times in total. Meanwhile, the retail investor allocation (COIN) was oversubscribed by as much as 70 times the shares offered.

The allotment of shares was divided into two schemes: a fixed allotment for institutional investors accounting for 10%, and a pooling allotment for retail investors. In the event of oversubscription, the portion allocated through pooling allotment could be increased to 5–12.5% of the total shares allocated for retail investors, depending on the volume of orders.

2. Allotment Mechanism: Opportunities and Challenges for Retail Investors

Quoting Katadata, the pooling allotment system allows all investor orders placed through various brokerages to be accumulated into a single total order book. Allotment prioritizes the order submission time. Retail investors have the opportunity to obtain a minimum of 10 lots, or 1,000 shares, as a basic entitlement before the proportional allotment system is applied.

3. IPO Appeal: Affordable Capital and Infrastructure Focus

With an initial capital requirement of only IDR 19,000 to purchase 100 shares, the CDIA IPO appeals to beginner investors. The funds raised will be used to expand its portfolio in the energy, logistics, port, and storage sectors. Specifically, the company plans to invest IDR 871.7 billion for logistics development and ship acquisition, and IDR 1.5 trillion for port construction and supporting facilities.

As a subsidiary of Prajogo Pangestu’s conglomerate, CDIA strengthens the group’s business footprint in the energy and infrastructure sectors.

4. Market Impact: Increased Liquidity & Retail Risks

CDIA’s listing on the Indonesia Stock Exchange (IDX) is projected to boost market liquidity by up to IDR 2.37 trillion. However, retail investors are advised to remain cautious of risks such as profit-taking actions following the listing and the potential for high price volatility during the early trading sessions of the IPO shares.

According to the prospectus, CDIA has also set a dividend policy with a payout ratio of 40%, reflecting its commitment to sharing profits with shareholders after the initial listing.