Analisis Hukum Terkait Penerapan Special Purpose Acquisition Company (SPAC) di Indonesia

Main Article Content

Ni Made Ryoko Sugama


Future developments in the business world and the opportunity to carry out an Initial Public Offering (IPO) process using a company with a Special Purpose Acquisition Company (SPAC) model are increasingly in demand and developing in the International and Asian Capital Markets. SPAC is known as a shell company that has no previous operational history, business activities or assets that generate business income during the Initial Public Offering or IPO process. A SPAC is a shell company formed specifically to acquire one or more operating companies through a business combination. SPAC has the goal of conducting an IPO by using IPO proceeds along with an equity rollover to fund a business combination. However, as regulated in provision III.1.1. Indonesian Stock Exchange Regulation Number I-A concerning the Listing of Shares and Equity Securities Other than Shares Issued by Listed Companies limits that legal entities that can list their shares on the Stock Exchange are legal entities in the form of Limited Liability Companies. Thus, a legal basis is needed for SPAC to be implemented.


Download data is not yet available.

Article Details

How to Cite
Ryoko Sugama, N. M. (2023). Analisis Hukum Terkait Penerapan Special Purpose Acquisition Company (SPAC) di Indonesia. UNES Law Review, 6(1), 1958-1966.


Asikin, Zainal, L.Wira Pria Suhartana, Pengantar Hukum Perusahaan, Cetakan ke-2, Depok: Prenadamedia Group, 2018.
Akdogu, Evrim, Serif Aziz Simsir, Merve Meriç Yilmaz, “SPACs and the Regulation Gap: The Effect if First SEC Intervention on Share and Warrant Returns, Finance Research Letter, 2022.
Boyer, Carol, Glenn Baigent, “SPACs as Alternative Investments: An Examination of Performance and Factors that Drive Prices. Euromoney Institutional Investor PLC, Vol 11, 2008.
Change, Clifford, “Guide to Special Purpose Acquisition Companny Publication”, September, 2021.
Collins, Matt, “Special Purpose Acquisitions Companies”, Fordham Business Student Research Journal, Vol 2, December, 2012.
Gahng, Minmo, Jay R. Ritter, Donghang Zhang, “SPACs”, Warrington College of Business University of Florida Journal, October, 2022.
Haniffa, Roszaini, Mohammad Hudaib, Tasawar Nawaz, “The Value of Social Capital for the Success of SPAC IPOs”, International Journal of Financial Studies, May, 2022.
Heyman, Derek K., “From Blank Check to SPAC: The Regulator’s Response to the Market, and the Market’s Response to the Regulation”, October, 2006.
Ignatyeva, Elena, Christian Rauch, Mark Wahrenbyrg, ”Analyzing European SPACs”, Euromoney Institutional Investor PLC, Vol 17, 2013.
Klausner, Michael, Michael Ohlrogge, Emily Ruan, “A Sober Look at SPACs”, Stanford Law School, Vol 3, 2022.
Kolb, Johannes, Tereza Tykvová, “Going Public via Special Purpose Acquisition Companies: Frogs do not turn into Princess”, Journal of Corporate Finance, July, 2016.
Nanda, Swankit Kumar, Deyasini Chakrabarti, “SPAC: The Way Ahead to Future”, International Journal of Law Management & Humanities, Vol 5, 2022.
Reddy, Bobby V, “Warning the UK on Special Purpose Acquisitions Companies (SPACs): Great for Wall Street but Nightmare on Main Stree”, Journal of Corporate Law Studies, February, 2022.
Muhammad, Abdulkadir, Hukum Perusahaan Indonesia, Bandung: PT Citra Aditya Bukti, 1999.
Mulhadi, Hukum Perusahaan: Bentuk-bentuk Badan Usaha di Indonesia, Cetakan ke-2, Jakarta: Rajawali Press, 2018.
Purwosujipto, H.M.N., Pengertian Pokok Hukum Dagang Indonesia 1: Pengetahuan Dasar Hukum Dagang, Cetakan ke-1, Jakarta: Penerbit Djambatan, 1995.
Rastuti, Tuti, Seluk Beluk Perusahaan & Hukum Perusahaan, Cetakan ke-1, Bandung: PT Refika Aditama, 2015.
Sutantya, R.T, R.Hadikusuma, Sumantoro, Pengertian pokok Hukum Perusahaan: Bentuk-bentuk Perusahaan yang berlaku di Indonesia, Cetakan 1, Jakarta: Rajawali Press, 1991.
Syaichu, Muhamad, “Merger dan Akuisisi: Alternatif Meningkatkan Kesejahteraan Pemegang Saham”, Jurnal Studi Manajemen & Organisasi, Vol 3, Juli, 2006.
Tran, Anh L., “Blank Check Acquisitions”, University London, November, 2010.
Warren, Elizabeth, “The SPAC Hack: How SPACs Tilt the Playing Field and Enrich Wall Street Insiders”, Senate of United States, May, 2022.
Indonesia, Undang-Undang Nomor 40 Tahun 2007 tentang Perseroan Terbatas
¬¬Indonesia, Undang-Undang Nomor 8 Tahun 1995 tentang Pasar Modal
Indonesia, Undang-Undang Nomor 11 Tahun 2020 tentang Cipta Kerja
Indonesia, Peraturan Pemerintah Nomor 24 Tahun 2018 tentang Pelayanan Perizinan Berusaha Terintegrasi Secara Elektronik
Bursa Efek Indonesia, Peraturan Nomor I-A tentang Pencatatan Saham dan Efek Bersifat Ekuitas Selain Saham yang Diterbitkan oleh Perusahaan Tercatat