Among New IPO Candidates on the IDX, Djarum Group Affiliate Deemed Most Attractive

A number of companies are continuing with their plans to list on the Indonesia Stock Exchange (IDX) in the second half of 2026, despite the stock market remaining in a bearish trend. Among the prospective issuers emerging is PT Bach Multi Global Tbk (BACH), which is affiliated with the Djarum Group, with an offering price range of Rp 400 to Rp 500 per share and a target to raise up to Rp 307.5 billion. Additionally, there is PT Nitrasanata Dharma Tbk (JECX), which operates in the healthcare sector through its JEC Eye Hospitals & Clinics network, targeting up to Rp 683.2 billion with a price range of Rp 1,200 to Rp 1,400 per share. Equity Research Analyst at Kiwoom Sekuritas Indonesia, Abdul Azis Setyo Wibowo, assessed that the candidate affiliated with the Djarum Group is the most attractive among the IPO candidates. “We consider the candidate with an affiliation to the Djarum Group to be relatively the most attractive, primarily due to its strong performance track record, financial discipline, and mature business portfolio,” Azis explained on Wednesday (24/6/2026). According to Azis, the main appeal of this issuer lies in its solid business growth prospects, large business scale, and strong synergies within the group’s ecosystem. The ability to generate sustainable profits is also an important factor making this issuer superior to other IPO candidates. Amidst the generally depressed market conditions, Azis sees that investor interest in IPO shares remains, albeit with a more selective approach. He added that the momentum for IPOs in the second half of 2026 remains quite open, particularly for companies with strong fundamentals and clear plans for the use of proceeds. However, investors still need to scrutinise the performance of prospective issuers, especially the consistency of revenue and profit growth as an indicator that the business is still in an expansion phase. Furthermore, the valuation aspect is also a crucial factor to consider, by comparing the offering price against similar issuers in the same industry. “Valuation needs to be considered so that investors can objectively assess whether the offered price remains attractive compared to competitors,” he added.