Jakarta Governor Pramono Anung said on Sunday, November 8, that he will allow PAM Jaya, the city owned water utility, to list on the stock exchange through an initial public offering in 2027, provided market conditions improve. He made the remarks at the launch of Jekate Running 2026 at the PAM Jaya Benhil bus stop.
PAM Jaya president director Arief Nasrudin said preparations were about 93 percent complete. Outstanding items include approval from the Jakarta Regional House of Representatives, where the regional regulation has been completed and awaits formal ratification at a plenary session, and completion of the company’s 2026 audited financial statements. The company has met with the Financial Services Authority and the Indonesia Stock Exchange.
Pramono also set a target for PAM Jaya to meet 100 percent of Jakarta’s clean water service needs by 2029, a goal he described as no easy task. The governor had urged the utility on November 2 to press ahead with the IPO plan despite sluggish capital market conditions, saying the offering would wait for the right moment.
Jakarta will remain the majority shareholder in PAM Jaya after any listing, a requirement the governor has said is set out in the regional regulation. No offer size, free float or valuation has been disclosed, and the 2027 timing remains conditional on market conditions.