What Happens to My RDN Balance When I Place an Indonesian Stock e-IPO Order on Pluang?
When you place an Indonesian stock e-IPO order on Pluang, the order amount is held from your RDN's withdrawable balance for the IPO, but the money stays in your RDN until the shares are distributed. Indonesian stock trading on Pluang is facilitated by PT Pluang Maju Sekuritas, a Securities Company licensed and supervised by OJK (KEP-196/PM/1992), together with PT Sarana Santosa Sejati, a Level II Securities Brokerage Marketing Partner licensed and supervised by OJK (4/PM.02/STTD/MPPPE/2024). The amount held is the estimated total shown before you submit: the number of lots × 100 shares × your order price. There's no fee to place an e-IPO order. While it's held, you can't use it for other trades or withdraw it. If you cancel, or your order doesn't go through, the held amount is released to your buying power. After Allotment, the amount for any lots you didn't get goes back to your RDN, and at Distribution the cost of your allotted shares is debited. e-IPO orders are paid from your RDN only, and only from money you could withdraw: proceeds from a stock sale count once they settle, 2 exchange business days after the trade (T+2).
What happens to the held amount
| Situation | What happens to the money |
|---|---|
| You place an order | It's held from your RDN's withdrawable balance for the IPO |
| You change the number of lots in Book Building | Your old order is replaced, and the amount held is updated to match the new one |
| You cancel in Book Building | It's released to your RDN buying power |
| Your order doesn't go through | It's released to your RDN buying power, for example when your book price is below the final IPO price or the order isn't confirmed in time |
| You get fewer lots than you ordered, or none | The amount for the lots you didn't get goes back to your RDN after Allotment |
| Distribution | The cost of your allotted shares is debited from your RDN |
Good to know
- Only settled money counts. You can't submit an order larger than the amount you can withdraw from your RDN. Proceeds from stocks you sold in the last 2 exchange business days count toward your buying power for regular trades, but not for e-IPO until they settle (T+2). If you need more, top up your RDN from a bank account in your own name before you order.
- It's still your money. A held amount stays in your RDN in your name; it just can't be used for anything else until it's released or debited.
- Final price lower than your book price: you pay the final IPO price, so only that cost is debited at Distribution and the rest is released.
Learn more: Indonesian Stocks on Pluang and what an IPO is (Pluang Akademi).
Related questions
Q: Why is my RDN buying power lower after I placed an e-IPO order?
Because the amount for your e-IPO order is held for the IPO. It hasn't left your RDN: it's set aside so it's available when your shares are distributed, and you can't trade or withdraw it in the meantime. Your buying power goes back up when the amount is released, for example after you cancel or once the Allotment result is in.
Q: When do I get my money back if I don't get any shares?
After the Allotment stage. If you weren't allotted any shares, the full held amount goes back to your RDN, and the app tells you your RDN balance will be refunded. If it still isn't back in your buying power after the Distribution date shown on the IPO's page, contact Pluang Care through live chat in the app or email tanya@pluang.com.
Q: Can I pay for an e-IPO order from IDR Cash?
Not directly. e-IPO orders are paid from your RDN, so the money must be in your RDN before you submit. Top up your RDN from a bank account in your own name, using your RDN account number. Plan ahead: a top-up can take time to show, and IPO ordering periods only last a few days.
Q: Can I use money from Indonesian stocks I just sold for an e-IPO order?
Not until the sale settles. Sale proceeds reach your RDN at settlement, 2 exchange business days after the trade (T+2). Before that, they count toward your buying power for regular stock trades, but an e-IPO order can use only money you could withdraw from your RDN. If the app says your buying power isn't enough even though your RDN balance looks sufficient, this is usually why: wait for the sale to settle, or top up your RDN.
Q: Are there fees for an e-IPO order?
No. Placing an e-IPO order on Pluang is free, so the amount held is only the cost of the shares: lots × 100 × your order price. When you later sell shares you got in an e-IPO, the regular Indonesian stock transaction fees apply, the same as for any other stock you sell on Pluang.
Last updated: 6 November 2026