JAKARTA: PT Bursa Efek Indonesia, which operates Indonesia Stock Exchange, targets to see companies doing initial public offerings raising as much as IDR30 trillion this year.The targeted fund is similar to the total amount pocketed in IPO proceeds in 2010, the exchange's Corporate Financial Assessment Director Eddy Sugito told Bisnis.In the first half of 2011, PT BEI saw IDR11.28 trillion raised from 10 new publicly-listed companies. Despite yesterday's decline to 3,938.02, Jakarta Composite Index is predicted to continue its uptrend. JCI previously reached its highest level at 4,000.Positive sentiments will push companies to list their initial shares on the stock exchange.Share purchase is a long-term investment. Regardless the fluctuation, the trend is quite positive. Solid fundamentals and positive sentiments could prompt IPO's, Eddy said.BEI has so far seen 5 IPO's in the second half. It also has granted preliminary approval for listing application filed by PT Atlas Energi Resources and PT Golden Energy Mines.The exchange is currently processing PT Solusi Tunas Pratama and PT Visi Media Asia Tbks IPO applications.BEI is targeting to reach a US$750 market capitalization in 2015 by urging state-owned enterprises to go public, President Director Ito Warsito told Bisnis.Market capitalizationAs per July 1, market capitalization of Indonesia Stock Exchange was US$12.54 billion, Ito told fund managers in a meeting on Monday in London.BEI and Daiwa Securities are helping to arrange road shows of nine publicly-listed companies to London, New York and San Francisco, which started on July 11 and will end on July 15.Based on the World Federation Exchanges data per May 2011, Indonesia market capitalization is smaller than Malaysia with US$432 billion, Singapore with US$672 billion but better than PSE Philippine with US$159 billion.At the moment, there are 3 companies planning to hold an IPO.In his opinion, more than 140 state-owned enterprises are eligible to float their initial shares on the exchange as the government is no longer injecting capital to them, thus they have to seek alternative funding. IPO is one of the options.Daiwas Chairman Masami Tada stated that a lot of European investors; from United Kingdom in particular, wanted to invest in Southeast Asia. Indonesia stocks have risen significantly and has its own attraction to foreign investors.BEI is targeting 25 new IPO's this year. Just in the first half, BEI saw IDR37.41 trillion of funds raised. Of which, IDR11.22 trillion was from IPO's, IDR25.82 trillion from rights issue and IDR0.37 trillion from warrants. (15/Fahmi Achmad) (t05/msw)

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