‘One of the best teams in the Indonesian capital markets sector’, Assegaf Hamzah & Partners is highly sought after by government agencies, corporations, and financial institutions for its expert legal counsel. The firm plays a pivotal role in numerous high-profile, complex IPOs and is especially well regarded for its expertise in Shariah-compliant investment and financing transactions. Putu Suryastuti leads the practice and is valued for both her transactional prowess and compliance and corporate governance counsel. Bono Daru Adji has been active on both offshore and onshore issuances, with a strong body of working relating to green and sustainability-linked bonds, while Tunggul Purusa Utomo is a go-to by energy and TMT-focused clients. Mohammad Renaldi Zulkarnain continues to act on behalf of the Government of Indonesia in Shariah-compliant issuances. Intan Paramita and Inda Nur Arifiani Ranadireksa, who was promoted to partner in 2024, also come recommended.

Ginting & Reksodiputro in association with A&O Shearman is well placed to act on a range of market transactions, serving an enviable client list that includes government bodies, multinational financial institutions, institutional investors, and sovereign wealth funds. A significant aspect of the firm’s extensive IPO work involves advising private equity clients on buyouts and subsequent public offerings. Additionally, the firm is expanding its expertise in the growing area of crypto-related ECM mandates. Harun Reksodiputro helms the group and is active across numerous sectors. Co-head Daniel Ginting is a key adviser to the firm’s roster of overseas banks, and co-head Sugianto Osman often leads on private-equity centred transactions. Co-head Andrew Mohammad, who was promoted to partner in 2024, is highly regarded for his understanding of the regulatory landscape. Richele Suwita also comes recommended.

Lauded for its ‘exceptional capital market capabilities’, Hiswara Bunjamin & Tandjung in association with Herbert Smith Freehills is equally proficient across ECM and DCM instructions, advising an extensive list of global investment banks as issuers and arrangers, in addition to domestic and international corporates as issuers. The team's expertise spans various sectors, including energy, infrastructure, natural resources, TMT, and financial services. Practice head Tjahjadi Bunjamin is highly adept at handling international bond transactions, and co-head Viska Kharisma Fajarwati is a leading figure in public M&A and IPOs. Co-head David Dawborn is a trusted adviser to many of the firm’s investment banking clients. Dandy Firmansyah has an extensive debt and equity capital markets practice. Ivina Louviani Suwana specialises in equity capital markets.

Makes & Partners is involved in a wide range of issuances, including conventional, Shariah-compliant, and green bonds. The firm plays a key role in major IPOs and take-private transactions, areas where team head Iwan Setiawan has a strong track record, and excels in managing internal restructurings and corporate governance matters. Yozua Makes is a proficient cross-border adviser and is skilled in take-privates and public M&A. Bernardus Billy is the chief lead on global bond transactions and has a broad portfolio of IPOs. Cynthia Eltania is active on both debt and equity instructions, while Damar Ariotomo is recognised for his expertise in take-privates. Niki Satyapeni joined the firm from Ginting & Reksodiputro in association with A&O Shearman in November 2023.

Hadiputranto, Hadinoto & Partners demonstrates a varied capital markets practice, handling capital raises, public M&A, and compliance and corporate governance work. Team head Iqbal Darmawan is active across numerous sectors, including energy, TMT, and financial services, and is the chief lead on the firm’s most consequential transactions. Denny Irawan supports on M&A, spin-offs and carve outs.

Hanafiah Ponggawa & Partners – Dentons HPRP showcases demonstrable experience advising on complex capital market transactions, and acting for a mix of industry players across a variety of sectors. Outside of IPOs and bond issuances, the firm adeptly counsels on regulatory, compliance and corporate governance matters. Erwin Kurnia Winenda heads the practice and has a portfolio of work that includes onshore and offshore issuances, M&A, and restructurings. Co-head Rio Pasaribu assists with IPO and rights issues, alongside general corporate and commercial matters.

Widyawan & Partners, recognised for its ‘deep understanding of local and global markets’, is highly regarded for its debt capital markets expertise, advising underwriters and issuers on complex bond transactions. The firm showcases strong sector specialisations, particularly in energy and natural resources, financial services, TMT, and real estate. Practice head Adrian Pranata ‘is highly knowledgeable and one of the most experienced in Indonesian law for international debt capital markets work’. Dhanu Dhiraja is an active supporting presence across a range of debt capital market transactions.

‘One of the top international firms for equity capital markets deals in Indonesia’, Witara Cakra Advocates (WCA) in exclusive association with White & Case LLP Indonesia advises financial institutions and corporates in IPOs, note offerings and M&A. The firm also utilises the wider platform of its international partner to advise underwriters and issuers on offshore offerings. Team head Kristo Molina ‘is a go-to partner for high-end Indonesian capital markets deals’ and is praised for his knowledge of the regulatory landscape. Girindra Henriyono is active on both equity and debt capital markets mandates.

Housing a ‘solid team with in-depth knowhow of the Indonesian capital market field’, Imran Muntaz & Co. handles a range of debt and equity capital markets work and is a strong choice for banks, financial institutions and investment firms. In recent work, the group has advised on IPOs, restructurings and bond shelf registrations. Team head and founder Imran Muntaz is the chief lead on practice mandates and is praised for ‘very good track record in the capital markets field’. Michael Cecio Bangun also comes recommended.

Genio Atyanto & Partners underpins strong transactional expertise with key regulatory compliance knowledge, advising clients across multiple securities on complex IPOs and bond issuances. Practice head Genio Atyanto acts for a range of public and private companies across both equity and debt capital markets transactions, with strong cross-border capabilities. Desi Dwitiasrini joined from Ginting & Reksodiputro in association with A&O Shearman in August 2023 and provides further skill in debt finance.

TnP Law Firm is active on a mix of equity and debt capital markets mandates, with a particular focus on transactions in the education, fintech and natural resources arenas. A core part of the firm’s offering is providing legal guidance to equity and investment fund firms, as well as support in the creation and setup of securities companies. Team head Rambun Tjajo acts for an extensive list of issuers and underwriters. Co-head Melissa Butarbutar handles both onshore and onshore offerings, and co-head Ken Prasadtyo is trusted adviser to banks and financial institutions.

Widely praised for its ‘clear and concise legal advice’, ‘proactive approach’, and ‘strong understanding of market complexities’, UMBRA – Strategic Legal Solutions showcases great skill in advising issuers through public bond offerings, with a list of clients active in the energy and tech sectors. The ‘outstanding’ practice head Ahmad Zakaria is active on domestic and international equity and debt security offerings and provides astute regulatory and compliance advice.