What Are the Stages of an Indonesian Stock e-IPO on Pluang, and What Do I Do at Each One?
An Indonesian stock e-IPO on Pluang goes through five stages: Book Building, Offering, Allotment, Distribution and Listing (IPO), and the exact dates of each are shown on the IPO's page in the app. 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). In Book Building you order at a price within the price range, and you can still cancel or change the number of lots. In Offering the final IPO price is set: you confirm your order at that price by accepting the prospectus, or place a new order if you didn't order earlier. Orders placed during Offering can't be cancelled or changed. Allotment decides how many lots you get, Distribution credits the shares, and on Listing day the stock starts trading on IDX.
What happens at each stage
| Stage | What happens | What you do |
|---|---|---|
| Book Building | The IPO opens for orders at a price range; the final price isn't set yet | Enter your book price and number of lots, answer the order declarations and submit. You can cancel or change the number of lots until this stage ends |
| Offering | The final IPO price is set | If your order is still valid, confirm it by accepting the prospectus. If you didn't order in Book Building, or your order didn't go through, you can place a new order at the IPO price |
| Allotment | The shares are allocated to investors | Check the result on the IPO's page. Any amount for lots you didn't get goes back to your RDN |
| Distribution | Your allotted shares are credited to your account | Nothing; the cost of your shares is debited from your RDN |
| Listing (IPO) | The stock starts trading on IDX | Sell or hold it like any other Indonesian stock |
Good to know
- Confirm early in Offering. An order that isn't confirmed before the deadline isn't processed. The confirmation deadline depends on each IPO's offering dates and is shown on the IPO's page, so don't leave it to the last day.
- One order per IPO. You can't place a second order for the same IPO, but you can change the number of lots during Book Building.
- Following your order: your order and its status appear on the IPO's page, and the status bar there shows which stage the IPO is in.
- Timing: Distribution and Listing usually follow Allotment one exchange day apart, on exchange days only.
- Dates can change. A company can postpone its IPO; the IPO's page always shows the latest dates and status.
Learn more: Indonesian Stocks on Pluang and what an IPO is (Pluang Akademi).
Related questions
Q: Can I join an e-IPO if I missed Book Building?
Yes. You can still order during the Offering stage. The price is already set by then, so you enter only the number of lots. Orders placed during Offering can't be cancelled or changed, so check the amount before you submit, and submit early, because orders that aren't in before the Offering period ends aren't processed.
Q: What price do I pay for e-IPO shares?
Everyone who is allotted shares pays the same final IPO price, which is set at the start of the Offering stage. Your book price is the most you were willing to pay during Book Building, not the price you're charged. If the final price is lower than your book price, you pay the lower final price and the rest of the held amount is released.
Q: What does accepting the prospectus mean?
The prospectus is the company's official offering document. It describes the business, its financial results, how it plans to use the money raised and the main risks. When you confirm your order during Offering, you confirm that you've had the chance to read it. The prospectus is available on the IPO's page in the app.
Q: How do I know which stage an IPO is in?
Open the IPO on the e-IPO page. A status bar shows each stage with its dates and highlights the current one, and your order appears below with its latest status. Check it at the start of the Offering stage, because that's when you need to confirm a Book Building order.
Last updated: 5 November 2026