{
    "success": true,
    "data": {
        "id": 1815501,
        "msgid": "examining-the-ipo-prospects-of-prodia-prdl-and-niramas-jeli-in-early-july-2026-1782067825",
        "date": "2026-06-21 23:25:31",
        "title": "Examining the IPO Prospects of Prodia (PRDL) and Niramas (JELI) in Early July 2026",
        "author": " ",
        "source": "GALERT",
        "tags": "",
        "topic": "Investment",
        "summary": "Two Indonesian companies, medical diagnostics manufacturer PT Prodia Diagnostic Line (PRDL) and food and beverage producer PT Niramas Utama (JELI), are set to debut on the Indonesia Stock Exchange in early July 2026. PRDL is attracting attention due to its strong financial growth and the government's rising healthcare budget, while JELI offers a compelling profitability story backed by its established nata de coco brand INACO and supply chain improvements. Both IPOs are considered attractive, with PRDL offering a conservative valuation and JELI demonstrating significant earnings momentum.",
        "content": "<p>JAKARTA. The Indonesia Stock Exchange (BEI) will soon welcome two\nprospective new issuers. Food and beverage manufacturer PT Niramas Utama\n(JELI) and medical diagnostics equipment manufacturing and processing\ncompany PT Prodia Diagnostic Line (PRDL) are preparing to conduct their\ninitial public offerings (IPOs). Barring any unforeseen circumstances,\nJELI will list its shares on the BEI on 7 July 2026, whilst PRDL will\ndebut on the stock exchange on 9 July 2026. According to its prospectus,\nduring the initial offering or bookbuilding period, JELI has set a price\nrange of Rp 900 to Rp 1,120 per share. Thus, JELI has the potential to\nraise fresh funds of up to Rp 392 billion. Niramas Utama will offer a\nmaximum of 350 million ordinary shares, equivalent to 25.93% of the\nissued and fully paid-up capital. Financial Educator Manager at Sucor\nSekuritas, Hendry Wijaya, stated that PRDL\u2019s prospects are quite\nattractive as they are supported by the trend of increasing government\nhealthcare spending. The healthcare budget in the state budget (APBN)\ncontinues to rise, from Rp 218.5 trillion in 2025 to Rp 244 trillion in\n2026. Additionally, the government is running a Free Health Check-up\nProgramme which, by the end of 2025, had been utilised by more than 70\nmillion participants and is targeted to reach 140 million participants.\nPRDL estimates that this programme could create a potential market of\naround Rp 2.2 trillion in 2026. PRDL also has experience winning\ngovernment tenders, including the procurement of lipid profile reagents\nworth approximately Rp 90 billion in 2023. In terms of financial\nperformance, PRDL\u2019s growth is impressive. The company\u2019s revenue\nincreased by 26.8% from Rp 58.7 billion in 2024 to Rp 74.4 billion in\n2025. Meanwhile, net profit surged by 69.9% from Rp 10 billion to Rp 17\nbillion. The company also recorded a net profit margin of around 22.8%\nand a return on equity (ROE) of 20.5%, figures considered high for the\nmedical devices and diagnostic reagents industry. Furthermore, its\ndistribution network expanded rapidly, with the number of distributors\nincreasing from 21 to 45 within a single year. At the IPO price range of\nRp 100\u2013Rp 120 per share, PRDL\u2019s valuation is at a price-to-earnings\nratio (P\/E) of approximately 10\u201312 times based on 2025 earnings. Given\nits growth and profitability, this valuation is considered still quite\nconservative. Thus, PRDL shares have the potential to attract investors\nseeking opportunities in the healthcare sector with a relatively small\nmarket capitalisation. \u201cFor a company with margins and growth like this,\nthat valuation is relatively conservative. This is one of its main\nattractions. Market players who favour the structural healthcare\nspending theme with small capitalisation should take a closer look,\u201d\nHendry told Kontan on Friday (19\/6\/2026). Unlike PRDL, which offers a\ngrowth story in the healthcare sector, JELI is pursuing a strategy of\nincreasing profitability from a consumer business that already has a\nstrong foundation. INACO is one of the pioneers and market leaders for\nnata de coco in Indonesia. Established in 1990, the brand has been\npresent for more than three decades and has a strong level of brand\nrecognition among consumers. With this position, JELI\u2019s main appeal lies\nin the combination of an established national distribution network and a\nmature brand strength. Unlike many new consumer companies that still\nneed to spend heavily on brand building, JELI already has a strong\ncustomer base and reputation, allowing it to focus more on developing\nnew products with higher margins. To strengthen operations, in 2025 JELI\nacquired PT Supra Natami Utama as a vertical integration step to secure\nthe supply of nata de coco raw materials. Additionally, the company made\nvarious production-supporting investments, including the construction of\ndeepwells and increasing the factory\u2019s electricity capacity. \u201cThis is a\ncompany that is tidying up its supply chain from upstream to factory\nenergy right before listing. For market players, this is a signal that\nthe main risks acknowledged by JELI itself, such as raw material price\nvolatility, are being actively mitigated, not ignored,\u201d said Hendry.\nHendry also explained several other factors that make the JELI and PRDL\nIPOs interesting for investors to observe. Firstly, both companies still\nretain majority control in the hands of their owners. After the IPO,\nJELI\u2019s original owners will still control approximately 74% of the\ncompany\u2019s shares, whilst PRDL\u2019s owners will retain around 70%.\nSpecifically for JELI, the majority of the IPO proceeds will be used for\nexpansion through the addition of new production machinery, not merely\nto pay off debt. This condition is seen as reflecting the company\u2019s\ncommitment to driving long-term business growth. Meanwhile, JELI is\ntrading at a more premium valuation, around 31\u201338 times P\/E. However,\nthis valuation is considered in line with JELI\u2019s significant profit\ngrowth, which jumped from Rp 1.4 billion in 2023 to Rp 39.4 billion in\n2025. Thirdly, both companies are supported by an underwriter with a\ngood track record, namely Sucor Sekuritas. In several previous IPOs,\nshares handled by Sucor Sekuritas recorded quite prominent performance\nat the start of trading. \u201cThis is a positive early signal for both\ndebuts,\u201d Hendry explained. With a combination of support from an\nexperienced underwriter, a relatively limited public free float, and\nattractive fundamentals and business stories, both issuers are\nconsidered to have their own appeal. JELI offers strong earnings growth\nmomentum, whilst PRDL presents a relatively inexpensive valuation. Thus,\nboth IPO shares deserve to be on investors\u2019 monitoring radar ahead of\ntheir initial listing on the Indonesia Stock Exchange.<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/examining-the-ipo-prospects-of-prodia-prdl-and-niramas-jeli-in-early-july-2026-1782067825",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}