Indonesia’s IPO market continued its strong run on Wednesday as PT Esa Medika Mandiri Tbk (EMMI) and PT Bach Multi Global Tbk (BACH) both hit their daily upper price limits on debut, extending a streak that has now seen four newly listed companies rally to their maximum allowable gains on their first trading day.
Shares of EMMI, a medical device manufacturer and distributor, also surged to their upper limit after listing, rising 15.96% from its offering price of 470 rupiah to 545 rupiah apiece, then closed at 20.21% to 565 rupiah apiece during the morning session of trading.
BACH, a provider of power solutions and telecommunications infrastructure services affiliated with the Djarum Group, rose 24.43% from its IPO price of 442 rupiah to 550 rupiah apiece, reaching the exchange’s daily upper trading limit shortly after the opening bell.
The two companies became the fourth and fifth IPOs on the Indonesian bourse this year, following the listings of Jakarta Eye Center operator PT Nitrasanata Dharma Tbk (JECX) and food producer PT Niramas Utama Tbk (JELI) a day earlier. Both stocks resumed their rally on Wednesday, each climbing another 25% to fresh highs, leaving them roughly 56% above their IPO prices after just two trading sessions.
BACH raised 271.83 billion rupiah through the issuance of 615 million new shares, valuing the company at about 1.81 trillion rupiah upon listing. The company plans to use part of the proceeds to repay bank debt, with the remainder allocated for working capital, including expanding its generator fleet to support its equipment rental and sales business.
President director Budi Kurniawan said the IPO marks a new stage in the company’s development after years of expanding its business in power solutions and telecommunications infrastructure.
“Since the beginning, we have built this company on integrity, service excellence, and delivering solutions for our customers,” Kurniawan said during the listing ceremony. “Going public is not only about raising capital. It also brings greater responsibility to strengthen governance, accountability, and discipline in the way we run the business. We continue to see attractive long-term opportunities from Indonesia’s infrastructure development.”
EMMI, meanwhile, raised 245.7 billion rupiah after issuing 522.86 million new shares, implying a market capitalisation of about 819.1 billion rupiah. About 72% of the proceeds will be used for working capital, while 50 billion rupiah has been earmarked to repay bank loans and the remainder to support the construction of a new manufacturing facility in Cikupa, Banten.
The offering attracted strong investor demand, with the IPO oversubscribed 14 times during the public offering period.
President director Florian Chris Widjaja said the listing would support the company’s long-term ambition to expand Indonesia’s domestic medical device industry.
“This IPO is not simply a corporate milestone but the beginning of a new chapter as a public company that is accountable and focused on long-term growth,” Widjaja said. “Since the company was established in 2000, our mission has been to support Indonesia’s healthcare industry. As a listed company, we will continue to uphold transparency and professional management.”
The two listings mark the fourth and fifth IPOs on the Indonesia Stock Exchange this year, as the bourse goes through one of its busiest weeks for new listings. Two more companies—diagnostic equipment maker Prodia Diagnostic Line and media firm Rans Entertainmen Indonesia—are scheduled to make their market debuts later this week.
S&P DJI caution
The latest IPO gains even as Indonesia’s capital market faces renewed scrutiny from global index providers. On Wednesday, S&P Dow Jones Indices placed Indonesia on a watchlist for a possible downgrade from emerging market to frontier market in its 2027 review, citing concerns over stock ownership transparency.
S&P DJI said it would continue monitoring the Indonesia Stock Exchange’s efforts to improve transparency and warned it could impose special treatment on Indonesian securities if conditions deteriorate.
The caution from S&P DJI came a day after MSCI maintained its special treatment for Indonesian equities in its August index review, meaning no new Indonesian stocks will be added to the MSCI Global Investable Market Indexes and no local companies will be promoted from the Small Cap Index to the Global Standard Index. MSCI said it would continue assessing the implementation of Indonesia’s market reforms ahead of its next review in November.
Commenting on the review, IDX president director Jeffrey Hendrik said the exchange would hold discussions with S&P Dow Jones Indices while continuing to work with the OJK and other market participants to address concerns over transparency and liquidity. Hendrik said the bourse remains committed to improving transparency to support a fair, orderly, and efficient capital market, as cited by local media.
