Next Generation Partners

Firms To Watch: Capital markets

Following the 2022 merger of the two firms, William Hendrik & Siregar Djojonegoro (WH&SD) is active in advising a diverse array of Indonesian clients on IPO mandates.
Imran Muntaz & Co. has proven capabilities in handling IPOs on the IDX and HKEx and global offerings more broadly, acting across a range of industries.
UMBRA – Strategic Legal Solutions advises on high-profile rights issuances and IPOs across the financial services, real estate, natural resources, and infrastructure sectors.
Amongst its wider practice, Santoso, Martinus & Muliawan Advocates advises on IPOs, pre-IPO restructuring, and go-private transactions.

Capital markets in Indonesia

Assegaf Hamzah & Partners

Assegaf Hamzah & Partners covers the full gamut of capital market matters, covering both public and private debt and equity offerings, with a particular strength in advising on the structure and implementation of Shariah-compliant financing and investment transactions. As a a part of the Rajah and Tann Asia network, the firm is able to draw upon the expertise from other Asian jurisdictions, and is otherwise noted for its strengths in the energy, natural resources, and financial sectors. Putu Suryastuti heads up this work, employing her corporate transactional expertise to IPOs, secondary offerings, private placements, and debt offerings. Ahmad Fikri Assegaf valued for the breadth of his experience, while Bono Adji and Tunggul Utomo have a greater emphasis on the natural resources, energy, telecoms, and finance industries. Mohammad Zulkarnain and Intan Paramita are highly active in this area and crucial contacts.

Practice head(s):

Putu Suryastuti

Other key lawyers:

Ahmad Assegaf; Bono Adji; Tunggul Utomo; Mohammad Zulkarnain; Intan Paramita


‘The team have robust and in-depth knowledge of capital markets.’

‘Intan Paramita is fast to respond and has a creative mindset.’

‘Professional experts. They thoroughly understand capital market and give insights and advices accordingly to the situation.’

‘They have in-depth knowledge of the market, and provide us with solutions. They are able to quickly understand our needs and provide us with investment options that are tailored to our specific goals.’

‘The capital markets team at AHP is very professional and responsive. Their experiences and connections with relevant authorities make their legal opinion efficient and practical.’

Key clients

PT Alam Sutera Realty Tbk

PT Autopedia Sukses Lestari Tbk.

PT Bank China Construction Bank Indonesia Tbk

PT Bank Jago Tbk

PT Bank Mandiri (Persero) Tbk

PT Bank Tabungan Pensiunan Nasional Syariah Tbk.

PT Barito Pacific Tbk.

PT Chandra Asri Petrochemical Tbk.

PT DCI Indonesia Tbk.

PT GoTo Gojek Tokopedia Tbk.

PT Indika Energy Tbk.

PT Indointernet Indonesia Tbk.

PT Indonesia Asahan Aluminium (Persero)

PT Indonesia Infrastructure Finance

PT Jayamas Medica Industri Tbk.

PT KB Finansia Multi Finance

PT Medco Energi Internasional Tbk.

PT Medco Power Indonesia

Work highlights

  • Acted as the Indonesian legal counsel to the Indonesian Government as buyer on the second tender offer exercise and issuer on its USD SEC Shelf Registered Bonds.
  • Acted as the Indonesian legal counsel to One Med, an Indonesian-based medical devices manufacturer, in their initial public offering on 8 November 2022.
  • Acted as the Indonesian legal counsel to the GoI, who acted as the Buyer on the third tender offer exercise with Switch and Cash Tender Offer scheme and the Issuer on the issuance of its USD SEC Shelf Registered Bonds.

Ginting & Reksodiputro in association with Allen & Overy

Ginting & Reksodiputro in association with Allen & Overy has capabilities across Indonesia, English, US federal securities law and is correspondingly able to advise multinational clients on both the international and local aspects of their cross-border deals. Covering the full range of debt and equity capital market products, the firm is able to handle conventional and Islamic financing, liability management, and restructuring exercises. Harun Reksodiputro co-leads the practice, bringing his track record in handling complex debt and equity security transactions on top of his regulatory expertise. Co-lead Daniel Ginting is similarly well-regarded for his work in this arena. Sugianto Osman has substantial experience in public offerings, bonds, and right issues, and has particular emphasis in the TMT, private equity, financial services, and natural resources sectors.

Practice head(s):

Harun Reksodiputro; Daniel Ginting

Other key lawyers:

Sugianto Osman; Andrew Mohammad

Key clients

PT Pertamina Geothermal Energy Tbk

PT Garuda Indonesia (Persero) Tbk

PT XL Axiata Tbk

PT CIMB Niaga Sekuritas

Asian Development Bank

Republic of Indonesia

PT Pelabuhan Indonesia (Persero)

PT Bank Mandiri (Persero) Tbk

Work highlights

  • Advised PT Pertamina Geothermal Energy Tbk on its IPO on the Indonesian Stock Exchange, raising approximately USD598m to refinance existing company loans and fund Indonesian project development.
  • Advised the underwriters on the USD672m IPO of PT Trimegah Bangun Persada Tbk, one of Indonesia’s largest nickel mining company, on the Indonesia Stock Exchange.
  • Advised the Republic of Indonesia on its issue of JPY104.8bn Samurai bonds, including blue tranches, which were amongst the first blue bonds issued by an Asian sovereign.

Hiswara Bunjamin & Tandjung in association with Herbert Smith Freehills

Hiswara Bunjamin & Tandjung in association with Herbert Smith Freehills has an established track record in advising foreign arrangers and underwriters in both the onshore and offshore elements of offerings and public M&A. Drawing upon the international network of Herbert Smith Freehills, particularly in relation to China and Singapore, the firm is well-placed to handle these cross-jurisdictional mandates that cover the full scope of debt and equity capital markets. Tjahjadi Bunjamin, founding partner, is active and highly-experienced in this area. David Dawborn is also an important contact as a Herbert Smith Freehills partner on secondment to the firm, bringing with him his longstanding reputation with global investment banks in relation to their Indonesian securities business. Viska Kharisma Fajarwati specialises in capital markets and financial services, and has particular strengths in respect of multi-jurisdictional deals relating to the banking, fintech, and manufacturing sectors.

Practice head(s):

Tjahjadi Bunjamin; David Dawborn; Viska Kharisma Fajarwati

Key clients

BNP Paribas

CIMB Niaga Sekuritas

CLSA Sekuritas Indonesia

Credit Suisse

Deutsche Bank

Goldman Sachs


Mandiri Sekuritas

Morgan Stanley

Standard Chartered Bank


Bank UOB Indonesia

Work highlights

  • Advised the joint arrangers and underwriters in the Republic of Indonesia’s first switch tender offer on existing issued bonds.
  • Advised the underwriters on the US$518million IPO and international offering of e-commerce platform PT Global Digital Niaga (Blibli).
  • Acted for Bumi Resources on its US$487m private placement of a new series of shares to fulfil its conversion obligations and interest capitalisation under its 2016 Composition Plan.

Makes & Partners

Makes & Partners couples in-depth local law expertise with end-to-end capabilities in the capital markets arena, acting for a number of Indonesian clients in respect of a number of innovative mandates. Yozua Makes, founding and managing partner, lends his extensive experience to this practice, working alongside practice head Iwan Setiawan, who has led the team in a number of high-profile IPOs. Bernardus Billy is another key contact, acting in a number of key equity and debt capital market transactions including major re-IPO deals and global bond transactions.

Practice head(s):

Yozua Makes; Iwan Setiawan; Bernardus Billy

Key clients

PT Bank Mandiri (Persero) Tbk

PT Global Digital Niaga Tbk

PT Lippo Karawaci Tbk

PT Profesional Telekomunikasi Indonesia

Golden Energy and Resources Limited

PT Kawasan Industri Jababeka Tbk

PT Bentoel International Investama Tbk

PT Victoria Investama Tbk

PT Bali Towerindo Sentra Tbk

PT Ferron Par Pharmaceuticals (Dexa Medica Group)

PT Bank Ganesha Tbk

PT Tunas Baru Lampung Tbk

PT Mora Telematika Indonesia Tbk.

PT Sejahteraraya Anugrahjaya Tbk. (Mayapada Hospital)

PT Grahaprima Suksesmandiri Tbk.

Work highlights

  • Advised PT Kawasan Industri Jababeka Tbk in an exchange offer transaction amounting to USD185,856,000 of 6.50% Notes Due 2023.
  • Advised PT Global Digital Niaga Tbk in the second largest IPO in Indonesia of 2022 and the fifth largest in the history of the Indonesian Stock Exchange.
  • Assisting PT Bentoel International Investama Tbk in the first Go-Private transaction in Indonesia under POJK 3/2021.

ABNR Counsellors at Law

ABNR Counsellors at Law can cover a wide range of work relating to domestic and offshore debt and equity offerings, working with insurers and underwriters in IPOs, secondary offerings, private placements, and debt offerings. The firm has an established capacity to handle work relating to the shipping and finance sectors, and a track record in handling cross-border mandates relating to the Indonesian market. Chandrawati Dewi heads up this work, specialising in offshore debt and equity offerings by both national and multinational clients, and is able to draw upon the capital markets expertise of other notable lawyers Rita Taufik, Theodoor Bakker, Ayik Candrawulan Gunadi, Nafis Adwani, Freddy Karyadi, and the recently promoted Maher Sasongko, who was made partner in January 2023.

Practice head(s):

Chandrawati Dewi

Other key lawyers:

Rita Taufik; Theodoor Bakker; Ayik Gunadi; Nafis Adwani; Freddy Karyadi; Maher Sasongko

Key clients

PT Bank IBK Indonesia, Tbk

PT Samudera Indonesia Tbk

PT Kereta Api Indonesia (Persero)

PT Bank Aladin Syariah Tbk

PT Kliring Penjaminan Efek Indonesia

PT Kustodian Sentral Efek Indonesia

Work highlights

  • Advised Indonesian shariah-based lender PT Bank Aladin Syariah Tbk for their USD275m rights issue, and their subsequent USD 79.5-million Private Placement.
  • Advised PT Bank IBK Indonesia Tbk on their fourth rights issue that raised USD74m in fresh funds for the company.
  • Advised South Korea-based Woori Card Ltd on their acquisition of an 83% interest in major Indonesian finance company PT Batavia Prosperindo Finance Tbk.

Hadiputranto, Hadinoto & Partners, a member firm of Baker McKenzie

Hadiputranto, Hadinoto & Partners, a member firm of Baker McKenzie advises on the full spectrum of capital markets and securities-related matters, leveraging the broad resources and reach of the Baker McKenzie LLP network to deploy experienced teams internationally. Iqbal Darmawan is the head of the capital markets practice, with substantial experience across transactional and regulatory mandates for a range of clients and encompassing a number of sectors, including IT, plantations, healthcare, mining and transportation sectors.

Practice head(s):

Iqbal Darmawan


‘HHP’s team always provide quick responses and never miss the agreed deadline.’

Key clients

PT Bank Syariah Indonesia Tbk

PT Bank Negara Indonesia (Persero) Tbk

PT Tunas Ridean

Work highlights

  • Advised PT Bank Syariah Indonesia Tbk in the first rights issue after the merger of three syariah banks owned by three state owned banks.
  • Acted as Indonesian legal counsel to PT Bank Negara Indonesia (Persero) Tbk in their issuance of green bonds in the amount of IDR5t.
  • Acted as the legal advisor to TURI to help them navigate through the go private process and delisting from the Indonesia Stock Exchange.

Hanafiah Ponggawa & Partners – Dentons HPRP

Hanafiah Ponggawa & Partners – Dentons HPRP has been active in IPOs to the IDX for Indonesian clients across a range of sectors, including tech, natural resources, real estate, financial services, FMCG, and healthcare. The firm also has wider capabilities both in terms of work, such as bond and structured warrant issuances, and sectors. Erwin Kurnia Winenda is the key contact for this work as the head of the firm’s offering and a highly-experienced practitioner in this field. Fabiola Hutagalung is also of note, bringing her wide ranging practice in terms of both industries and work to the firm’s capital markets clients.

Practice head(s):

Erwin Kurnia Winenda

Other key lawyers:

Fabiola Hutagalung

Key clients

RHB Indonesia

PT Aviana Sinar Abadi Tbk

PT Bank Neo Commerce Tbk

PT Danareksa (Persero)

PT Perkebunan Nusantara III (Persero)

PT Teknologi Karya Digital Nusa

PT Segar Kumala Indonesia, Tbk

PT Venteny Fortuna International Tbk

PT Saraswanti Indoland Development, Tbk

PT Tera Data Indonusa, Tbk

PT Lini Imaji Kreasi Ekosistem Tbk

PT Esta Multi Usaha Tbk

Work highlights

  • Successfully assisted RHB Indonesia in the issuance of the first structured warrant in Indonesia.
  • Successfully assisted Bank Neo Commerce’s series of right issues.
  • Assisting one of the biggest oil palm plantation stated-owned enterprise in Indonesia with its transformation and integration, aiming for an IPO in 2023.

Widyawan & Partners

Widyawan & Partners is noted as ‘a market leader in debt capital markets’, drawing on its expertise in high yield debt and medium term note programme in combination with its close association with Linklaters to provide strong regional coverage for South East Asia. Praised as ‘knowledgeable, commercially-minded and a strong, experienced hand to guide transactions from an Indonesian law perspective’, Adrian Pranata leads the team and is well-regarded for his expertise in debt capital markets.

Practice head(s):

Adrian Pranata


Go-to local law firm for Indonesian debt capital markets.

Adrian Pranata is the go-to lawyer for Indonesias debt capital markets.

Widyawan & Partners is a strong and knowledgeable debt capital markets team. They are a market leader in debt capital markets from an Indonesian law perspective. They have a great synergy with the Linklaters affiliation to provide a one-stop-shop for international bond transactions with Indonesian parties and aspects.’

Key clients


Nickel Industries Limited

BNP Paribas

JP Morgan Securities

Mandiri Securities

PT Perusahaan Gas Negara Tbk

UBS AG Singapore Branch

PT Alam Sutera Realty Tbk

KB Kookmin Bank Co. Ltd

PT Bank KB Bukopin Tbk

Work highlights

  • Acted as Indonesian legal advisers to the Initial Purchasers in connection with an issuance by PT Pertamina Geothermal Energy Tbk of US$400m 5.15% Senior Notes due 2028.
  • Advised the Citigroup and other initial purchasers in connection with issuances by PT Freeport Indonesia, including the issuance of US$750m 4.763% notes due 2027.
  • Acted as Indonesian legal adviser to Nickel Industries Limited in connection with the issuance by its subsidiary, Nickel Mines Limited of US$225m 10,00% Secured Notes due 2025.

Witara Cakra Advocates (WCA) in exclusive association with White & Case LLP Indonesia

Witara Cakra Advocates (WCA) in exclusive association with White & Case LLP Indonesia advises a range of financial institutions and corporate clients in IPOs, offerings, issuances, and relevant regulatory mandates. Through the firm’s close collaboration with White & Case LLP, the firm is well-placed to handle cross-border matters. Kristo Molina heads up the firm’s practice in this area, covering the full scope of the firm’s work in this space, working alongside Fajar Ramadhan, who has particular strengths in international bond offerings and work around debt capital markets.

Practice head(s):

Kristo Molina

Other key lawyers:

Fajar Ramadhan


WCA has great knowledge and experience in capital markets.

‘The team has good experience and a valuable point of view.’

WCA consistently produces good work and they find the solution to any issue.’

‘Kristo Molina is knowledgeable and experienced in Indonesia capital markets regulations and market practices. Responsive and thorough in advising clients.’

Key clients

CLSA Limited

Credit Suisse

CIMB Investment Bank Berhad

CVC Capital Partners

Deutsche Bank AG

PT Ciptadana Sekuritas Asia

PT Era Graharealty Tbk.

PT Mandiri Sekuritas

PT Trimegah Bangun Persada Tbk.

Work highlights

  • Represented PT Trimegah Bangun Persada Tbk. (Harita Nickel), in its IPO on the Indonesian Stock Exchange, including a Rule 144A/3(c)(7) and Regulation S offshore tranche.
  • Represented the lead domestic underwriters and the international selling agents in the IPO of PT Jayamas Medica Industri Tbk (OneMed) on the Indonesian Stock Exchange.
  • Advised IPAC on its mandatory tender offer due to the acquisition made by its new controller, APAC Investment 2 Pte. Ltd.

Genio Atyanto & Partners

Genio Atyanto & Partners covers a broad range of sectors in its capital markets offering and is noted for the complexity and novelty of the mandates it has handled in this arena. Genio Atyanto is the key contact for this work, bringing his broad expertise that encompasses a wide range of equity and debt capital market matters, such as IPOs, right issues, bond issuances, and regulatory advice, that forms a part of his wider corporate practice.

Practice head(s):

Genio Atyanto

Key clients

PT Bank Permata Tbk

PT TBS Energi Utama Tbk

PT Trimegah Sekuritas Indonesia Tbk

PT Informasi Teknologi Indonesia Tbk


PT Sinar Eka Selaras Tbk

Investree Singapore Pte Ltd

Work highlights

  • Advised PT TBS Energi Utama Tbk on its public offering of bonds.
  • Advised PT Informasi Teknologi Indonesia Tbk on its IPO.
  • Advised Investree Singapore Pte. Ltd on the acquisition of a significant minority interests in PT Bank Amar Tbk.

TnP Law Firm

TnP Law Firm advise a range of clients across the spectrum of capital markets work, with debt and equity offerings being the firm’s primary strength in this space. Rambun Tjajo, as founding partner, co-leads on the firm’s work in this space, conducting due diligence, drafting transaction documents, negotiating on behalf of issuers and underwriters, and preparing prospectuses. Managing partner Melissa Butarbutar co-leads on this work, bringing her wider finance and corporate expertise to the firm’s capital market matters. Ken Prasadtyo is also a key contact.

Practice head(s):

Rambun Tjajo; Ken Prasatyo; Melissa Butarbutar

Key clients

PT Bumi Resources Tbk

PT Dayamitra Telekomunikasi

PT Berau Coal Energy Tbk

PT Bakrie Telecom Tbk

Bomba Group

PT Telekomunikasi Indonesia (Persero) Tbk

PT Pelabuhan Indonesia (Persero)

PT Energi Mega Persada Tbk

PT Sarana Meditama Metropolitan Tbk

PT Waskita Karya Realty

PT Waskita Fim Perkasa

PT Cemindo Gemilang Tbk

Work highlights

  • Representing PT VKTR Teknologi Mobilitas as a subsidiary of one of Indonesia’s largest conglomerates groups, Bakrie & Brothers Tbk, on its IPO worth USD60,3m.
  • Representing PT Bumi Resources Tbk as Issuer on its Rights Issue matter, including performing due diligence on BUMI.
  • Representing the investment holdings and management company, DXN Holdings Berhad, and successfully raised a total of RM112m in proceeds through its retail offering.