OJK Says PAM Jaya Has Consulted on IPO, No Formal Filing Yet

Jakarta's water utility, PT Air Minum Jaya (Perseroda), better known as PAM Jaya, has opened talks with Indonesia's Financial Services Authority (OJK) about an initial public offering. It is still only a consultation. Nothing has been formally filed for a listing on the Indonesia Stock Exchange (IDX).

The update came from Hasan Fawzi, OJK's chief executive for capital market, derivatives and carbon exchange supervision, who spoke to reporters at the IDX building in Jakarta on Monday night, Oct. 12, 2026.

"We're in consultation. No (submission) yet, it's only consultation, meaning the filing (the documents)," Hasan said, according to Antara.

PAM Jaya's board has met the regulator

Hasan said PAM Jaya's directors had already sat down with OJK, which used the meeting to explain how the IPO process works. When the next step happens is up to the company.

"Their directors already met with us. It depends on their readiness, but they've consulted with us so we could explain the process. The first one is from PAM Jaya, that's right," Hasan said, as reported by Antara and CNBC Indonesia.

PAM Jaya isn't the only city-owned company headed for the market. According to CNBC Indonesia, Jakarta's governor plans to take two to three regional enterprises (BUMD) public, PAM Jaya among them.

Jakarta wants to keep control

The provincial government has already drawn its line. Jakarta Governor Pramono Anung said earlier that the city would remain the majority shareholder of both PAM Jaya and Bank Jakarta after they list.

Pramono described the IPO plans as a way to strengthen the management of city-owned firms. Public investors get a way in, but policy direction and strategic decisions stay with the provincial government.

"For the IPO, both Bank Jakarta and PAM Jaya, Jakarta must hold the majority. This is set out in the regional regulation we have proposed, so there is no room to transfer management or authority to other parties," Pramono said, as quoted by Antara.

Note the word "proposed." The regulation hasn't been passed, so the ownership rules still depend on the regional legislative process.

The IDX pipeline as of Oct. 9

Without a filing, PAM Jaya isn't part of the official queue. For context, the IDX had nine companies in its IPO pipeline as of Oct. 9, 2026, according to Antara: four in healthcare, two in energy, and one each in basic materials, financials and industrials.

By asset size, two had less than Rp50 billion, four had between Rp50 billion and Rp250 billion, and three had more than Rp250 billion. By that date, seven companies had listed this year, raising a combined Rp2.16 trillion.

What it means for investors

There is nothing to buy yet, and few details to work with. The sources give no share count, offer price, ticker or listing date. Four things are worth watching.

The formal filing. A submission to OJK is the clearest sign the plan has moved into a formal process. The regulator has set no target date, saying it depends on PAM Jaya's readiness.

The regional regulation. With Jakarta holding a majority, the public float will be below 50%. The exact size will affect how liquid the stock is once it trades, and that number won't be clear until the regulation passes.

Bank Jakarta and other BUMDs. Pramono mentioned Bank Jakarta in the same breath as PAM Jaya, and the city's plan covers two to three companies. If another one starts consulting or files, it would hint at the order and pace of Jakarta's listing program.

Delay risk. A consultation doesn't guarantee a near-term IPO. Plans like this can move fast or sit in preparation for a long time.