The deal with Matahari Department Store priced at US$1.3 billion was supposed to provide for Indonesia's IPO market. However, it has turned into a dud.

Investors walked out from Indonesian stock offerings after a wave of global market volatility and valuations occurrences. Other IPOs were also threatened by retreat of foreign and local funds in Jakarta. This also hindered Indonesian tycoons to unlock money from their businesses.

In 2013, bankers and issuers were anticipating US$4.1 billion record worth of initial public offerings. This included the US$2.5 billion in the first half of the year. The Matahari deal in March was seen as a stage setter. In 2011, CVC Capital sold its stake in the company in Indonesia's largest stock sale.

The current outlook for the market still appears to be positive with Indonesia's economic prospects. However, in the last few months, the initial public offerings in Jakarta were being cut in half or abandoned altogether.