Indonesia’s capital market closed 2025 with a notable structural shift. Large-cap conventional banking stocks, which long dominated investor ownership rankings, have now lost their leading position. The top spot, previously associated with PT Bank Rakyat Indonesia (Persero) Tbk (BBRI), has been overtaken by a digital banking newcomer, PT Super Bank Indonesia Tbk (SUPA).

Based on estimated shareholder data as of December 2025, Superbank has emerged as the listed company with the largest investor base, reaching approximately 696,000 investors.

This achievement places SUPA ahead of BBRI, which now ranks second with around 652,000 investors. The change highlights a shift in retail investor preferences, with growing enthusiasm for fintech-driven stocks and newly listed IPO shares.

The list of the ten stocks with the largest investor bases illustrates a blend of established banking names and disruptive newcomers, signaling a transformation in market dynamics.

The Rise of New Entrants

Beyond Superbank, market attention has also focused on RLCO, which quickly climbed into fourth place with about 515,000 investors, pushing technology giant PT GoTo Gojek Tokopedia Tbk (GOTO) down to fifth.

The presence of two IPO stocks—SUPA and RLCO—within the top five investor-owned shares underscores the exceptionally strong appetite for new listings among retail investors in 2025, surpassing retention interest in existing technology stocks.

Meanwhile, PT Bank Central Asia Tbk (BBCA) continues to demonstrate stability by holding third place with roughly 570,000 investors, reflecting a loyal and resilient long-term investor base.

Strong Domestic Investor Dominance

The surge in investor participation aligns closely with the overwhelming dominance of domestic investors in daily trading activity. According to the Indonesia Stock Exchange’s Daily Statistics on December 24, 2025, local investors played a decisive role in market transactions.

Domestic investors accounted for approximately 77% of total trading activity, while foreign investors contributed only about 23%. This data reinforces the view that current market liquidity is heavily supported by domestic capital participation.

Retail Brokers Lead Trading Frequency

Further evidence of strong retail involvement can be seen in broker activity data. Brokerage firms that cater to retail investors through mobile-based trading platforms dominated transaction frequency.

Stockbit Sekuritas Digital (XL) ranked first among the most active brokers, recording 1,573,360 transactions, equivalent to 31.22% of total market frequency. This figure far exceeded that of Mirae Asset Sekuritas (YP) in second place with 421,211 transactions (8.36%), followed by Ajaib Sekuritas (XC) with 374,768 transactions (7.44%).

Stockbit’s control of nearly one-third of total trading frequency serves as a strong indicator that the rapid growth of investor numbers in stocks such as SUPA is driven by the accessibility of digital investment platforms.

High Liquidity and Diverging Investor Strategies

The large retail investor base in Superbank is also reflected in the stock’s high liquidity on the regular market. SUPA ranked among the most actively traded stocks by transaction frequency, securing third place with approximately 95,530 trades in a single trading day, trailing only BUMI and INET.

Such high transaction frequency is a typical characteristic of stocks favored by individual retail traders.

At the same time, amid intense retail trading activity, foreign investors were observed accumulating large-cap stocks. Trading data recorded net foreign purchases totaling around Rp2.44 trillion on that day.

This pattern highlights a divergence in market behavior, where retail investors actively trade newly listed and second-tier stocks, while foreign institutional investors use market momentum to build strategic positions.