The government is targeting between eight and 12 initial public offerings (IPOs) of state-owned enterprises (SOEs) in the next three years to end a hiatus of state-backed companies entering the stock market. SOE Minister Erick Thohir said on Thursday that the state-owned companies and their subsidiaries were expected to conduct IPOs through Indonesia Stock Exchange (IDX) between 2021 and 2023. He did not specify which companies would offer their shares. “We already have some [IPO plans] in the pipeline,” he said during the IDX opening ceremony that day. “However, they are not just going public. Their business fundamentals and sustainability must also be good.” The ministry has long been pushing SOEs to go public to improve their corporate governance and to cut back on state capital injections in the long term, especially afte…