Mandiri Sekuritas, a subsidiary of Bank Mandiri, has demonstrated consistent leadership in Indonesia’s brokerage industry through its scale, transaction volume and digital innovation.
As of March 2025, the firm reported more than 770,000 retail equity investors, supported by an integrated digital ecosystem that includes the Growin’ app and its integration with Livin’ by Mandiri, the bank’s mobile banking platform. This integration enabled a 450% increase in client acquisition and reduced account onboarding time from three days to one hour.
In institutional brokerage, Mandiri Sekuritas maintains one of the largest sales, trading and research teams in the country. The firm’s average daily trading volume reached Rp1.6 trillion in 2024, with coverage extending across domestic, regional and global clients. Its institutional equity sales and trading team is supported by a research division of more than 20 analysts, covering a wide range of sectors and asset classes.
Mandiri Sekuritas consistently ranks among the top firms in equity brokerage transaction value. Bloomberg data shows the firm placed in the top three brokers by market share across multiple years, including 2024, 2023 and 2022. This performance reflects its strong execution capabilities and broad client base.
Retail brokerage growth has also been notable. In Q1 2025, Mandiri Sekuritas reported a 99% increase in customer accounts
The firm also maintains a leading position in equity underwriting. From 2019 through to H1 2025, Mandiri Sekuritas held the top ranking in equity underwriting market share in Indonesia. Notable transactions include the Rp4.16 trillion IPO of PT Daya Intiguna Yasa Tbk in December 2024, which was the second-largest IPO in Indonesia that year. The offering attracted strong demand from long-only institutional investors and was priced at a premium to peers, despite market volatility.
Another significant transaction was the Rp2.04 trillion IPO of PT Yupi Indo Jelly Gum Tbk in March 2025. The IPO was executed in parallel with a strategic acquisition by Affinity Equity Partners, which became the majority shareholder post-transaction. Mandiri Sekuritas played a key role in managing regulatory communications and facilitating the exemption from the mandatory tender offer requirement.
Retail brokerage growth has also been notable. In Q1 2025, Mandiri Sekuritas reported a 99% increase in customer accounts, a 112% increase in the number of customers and a 14% rise in total assets. Online transactions accounted for 91% of activity, with Millennials and Gen Z comprising 81% of the retail base.
Mandiri Sekuritas’ performance across institutional and retail brokerage, equity underwriting and research coverage supports its recognition as Indonesia’s best broker.
