Ahead of IPO Closing, BACH Valued Lower Than Industry Peers
Monday (6/7/2026) marks the final day of the initial public offering (IPO) for PT Bach Multi Global Tbk (BACH). BACH is considered to have a strategic position to capitalise on the growing demand for backup power and the expansion of national digital infrastructure.
Amid the ongoing IPO, Semesta Indovest Sekuritas noted in a 2 July 2026 research report that the company’s business model, which combines generator set provision with telecommunication infrastructure construction and maintenance, provides a competitive edge in the developing industry. BACH not only relies on the sale and rental of generator sets but also earns revenue from the construction and maintenance of telecommunication infrastructure. This combination is seen as offering cross-selling opportunities, as telecommunication operators require both reliable backup power and operational services to maintain network reliability.
This outlook is supported by significant financial growth throughout 2025. The company recorded revenue of Rp 1.73 trillion, a 39.7% increase year-on-year. This growth drove a 97.5% surge in net profit to Rp 156 billion. Semesta Indovest noted that the generator sales and rental business was the largest contributor, with revenue of approximately Rp 978 billion, or 56.4% of the total, while the telecommunication infrastructure construction and maintenance segment contributed around Rp 755 billion, or 43.6%.
Analysts suggest this composition means BACH is not dependent on a single business line. The company still has opportunities to earn revenue from various activities such as telecommunication site construction, fibre optic deployment, preventive and corrective maintenance, and mobile backup power. BACH’s position is also seen as increasingly strong since becoming part of the PT Sarana Menara Nusantara Tbk (TOWR) ecosystem in 2023. As of September 2025, the group operated approximately 36,049 telecommunication towers and over 170,500 kilometres of fibre optic networks, which is expected to broaden BACH’s access to national telecommunication infrastructure projects.
Semesta Indovest Sekuritas views the industry prospects for BACH’s market as promising. The Indonesian generator market is projected to grow from approximately US$679.5 million in 2024 to US$1.76 billion by 2035, a compound annual growth rate (CAGR) of around 9.1%. Meanwhile, the number of internet users in Indonesia reached 221.6 million in 2024, with a penetration rate of about 79.5%, continuing to drive demand for telecommunication network development.
Despite the promising outlook, Semesta Indovest Sekuritas highlighted several risks for investors. These include the company’s dependence on imported generator sets and key components, which exposes it to foreign exchange fluctuations and global supply chain disruptions. Competition is also intense in both the generator supply and telecommunication infrastructure services sectors. Furthermore, a slowdown in capital expenditure by telecommunication operators or improvements in PLN’s electricity grid reliability could potentially reduce demand for backup power.
From a valuation perspective, Semesta Indovest Sekuritas noted that BACH’s 2025 price-to-earnings ratio (PER) stands at 11.6 times, which is lower than the industry average of 15.9 times. The company’s return on equity (ROE) reached 29%, reflecting a relatively high rate of return on capital, while its net profit margin of 9% remains below the industry average of approximately 14.9%. The public offering period runs from 2–6 July 2026, with shares scheduled to begin trading on the Indonesia Stock Exchange on 8 July 2026.