The capital market improvement has prompted the Indonesia Stock Exchange (IDX) to revise up the target for this year's initial public offering (IPO) to 54 companies from 30 companies.

IDX Development Director Hasan Fawzi said the targets previously set were relatively moderate when looking at developments so far. Until now, 12 companies have conducted IPOs and 20 companies that are in the IDX pipeline.

"The impact of the Covid-19 pandemic was previously assumed to reduce interest in share IPOs, but after seeing the realization of this one quarter, we are more optimistic," he said in Jakarta, Thursday (8/4).

The revised target, according to Hasan, is in line with the communication made with various parties, such as stock exchange members who are candidates for the underwriters of companies that will conduct an IPO. From the discussion and input submitted, management strongly believes in revising the IPO target for this year.

"We hope that the conducive conditions that occurred in the first quarter of 2021 will also continue and interest in IPOs will continue to be high until the end of this year," he explained.