Jakarta, Nov. 2 -- Indonesia has selected 23 small and medium-sized enterprises (SMEs) for further mentoring to prepare them for initial public offerings (IPOs) under a government-backed program.

Deputy for Medium Enterprises at the MSME Ministry Bagus Rachman said on Monday that the companies were selected from applicants participating in the RISE To IPO program, which launched on July 9, 2025, and reached 281 companies across five major cities.

"This is the number of companies that made it through the selection process. More than 100 companies applied. We conducted the selection through RISE To IPO via SAPA UMKM," Rachman said in Jakarta.

He said the follow-up mentoring program was designed to strengthen companies' internal readiness...