On August 20, 2026, the Himpunan Pengusaha Pribumi Indonesia (HIPPI) DPD DKI Jakarta, in collaboration with the Indonesia Stock Exchange (BEI), held the HIPPI DKI Jakarta IPO Forum 2026 at the Indonesia Stock Exchange Building in Jakarta. Carrying the theme “Tumbuh Bersama Pasar Modal: Strategi Pengusaha Indonesia Membangun Bisnis yang Lebih Besar, Lebih Kompetitif, dan Siap Go Public,” the forum brought together business leaders, capital market professionals, regulators, and members of the business community to discuss how Indonesian companies can strengthen their businesses and prepare for opportunities in the capital market.

The forum also featured an Executive Panel Discussion titled “IPO sebagai Strategi Pertumbuhan Bisnis Indonesia”, with Mikail Jaman, CPA, CA, CPI, Managing Partner of KAP Agus Ubaidillah & Rekan (TGS AU Partners), participating as a panelist alongside representatives of the Indonesia Stock Exchange and the broader capital market ecosystem.

 

Beyond Business Success: The Need to Grow and Scale

For many businesses, having a strong product, an established market, and healthy profitability represents an important achievement. However, moving from a successful business to a larger, more competitive, and sustainable company requires more than operational performance.

The forum highlighted several factors that can influence a company's ability to scale, including access to capital, competitiveness, human resources, technology, and corporate governance.

Access to funding is particularly important for companies pursuing ambitious expansion. While conventional financing can support business development, growing companies may eventually need to consider alternative sources of capital—including the capital market—as part of their broader growth strategy.

This is where the discussion around an Initial Public Offering (IPO) becomes relevant.

 

IPO as a Growth Strategy, Not Simply a Fundraising Event

An IPO is often associated with companies that have already reached a significant scale. However, the forum encouraged a broader perspective: companies that are still growing can begin preparing themselves for the capital market well before they are ready to formally go public.

Beyond raising funds, entering the capital market can have broader strategic implications for a company, including strengthening credibility and increasing corporate visibility.

For business owners, therefore, the more important question may not simply be “Can our company go public?”, but rather “What must our company become in order to be ready for the capital market?”

This shifts the IPO conversation from a short-term transaction to a longer-term process of building a stronger company.

 

IPO Readiness Starts Before the IPO Process

One of the central themes of the Executive Panel was IPO readiness.

A company does not necessarily become ready for an IPO simply because it meets a particular size or financial threshold. Business fundamentals, growth prospects, organizational structure, financial reporting, governance, and management readiness all play important roles in preparing a company for the transition to becoming a public company.

For companies targeting an IPO several years from now, preparation can begin long before the formal IPO process.

This means strengthening the business today rather than waiting until an IPO becomes an immediate objective.

 

Strengthening Financial Reporting, Governance, and Transparency

From the perspective of accounting and assurance, financial reporting is one of the important foundations that companies need to strengthen.

Financial statements prepared for internal management purposes are not necessarily automatically sufficient for the needs of a public company. Consistency, quality, transparency, and readiness for due diligence become increasingly important as a company prepares to enter the capital market.

The same principle applies to corporate governance.

Going public means becoming more transparent and accountable to a broader group of stakeholders. Governance, therefore, should not simply be treated as a requirement that appears because a company wants to conduct an IPO. Instead, strong governance should be developed as part of the company's underlying business foundation.

This is particularly relevant for entrepreneurs who are considering an IPO three to five years from now. Rather than waiting for the IPO process to begin, companies can start strengthening their financial reporting, governance, internal controls, organizational structure, and management capabilities today.

 

IPO Is a Milestone, Not the Finish Line

Another important message from the forum is that an IPO should not be viewed as the final destination.

Becoming a public company marks the beginning of a new stage of corporate development. After receiving access to the capital market, companies must continue to deliver sustainable growth, use capital effectively, meet their responsibilities to investors, and maintain long-term stakeholder confidence.

For this reason, the success of an IPO should not be measured solely by the completion of the listing process.

A more meaningful measure is what the company is able to build after becoming public: stronger business fundamentals, sustainable growth, improved governance, and long-term value creation.

 

Preparing Today for Tomorrow's Growth

The HIPPI IPO Forum 2026 ultimately emphasized a practical message for Indonesian entrepreneurs: preparation for an IPO should begin well before the IPO itself.

Entrepreneurs who envision taking their businesses public in the next three to five years can start by asking fundamental questions:

• Is our financial reporting sufficiently consistent and reliable?

• Is our governance structure ready to support a larger organization?

• Are our internal controls strong enough to support transparency and accountability?

• Does our business have a clear and sustainable growth story?

• Is our management prepared to operate with greater accountability to investors and other stakeholders?

These questions are not only relevant to companies preparing for an IPO. They are also part of the broader process of building a more resilient, competitive, and sustainable business.

 

TGS AU Partners' Commitment to Business Growth

The participation of Mikail Jaman, CPA, CA, CPI, Managing Partner of KAP Agus Ubaidillah & Rekan (TGS AU Partners) in the Executive Panel reflects the important role of professional expertise in helping businesses understand and prepare for the demands of the capital market.

Through our participation in forums such as the HIPPI IPO Forum 2026, TGS AU Partners is committed to contributing professional perspectives to the development of Indonesian businesses and supporting entrepreneurs as they strengthen their financial reporting, governance, assurance, and organizational foundations for sustainable growth.

Ultimately, the journey toward becoming a public company is not only about preparing for an IPO. It is about preparing the business to become larger, stronger, more transparent, and ready for its next stage of growth.

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