Bach Multi IPO Not Just Fundraising, But a Path to TOWR Acquisition
The initial public offering (IPO) of PT Bach Multi Global Tbk (BACH) is considered not merely a fundraising exercise, but a strategic step that will officially bring the company into the ecosystem of PT Sarana Menara Nusantara Tbk (TOWR). Through an agreed share option scheme, the TOWR group will become the controlling shareholder of BACH after the company lists on the Indonesia Stock Exchange (BEI).
Mirae Asset Sekuritas Indonesia analyst Daniel Widjaja stated in research dated 26 June 2026 that the change of control is the core of BACH’s equity story. PT Global Telekomunikasi Prima (GTP), part of the Protelindo and TOWR group, holds an irrevocable option right to increase its ownership to 51% after the IPO.
BACH is a provider of power generation equipment and telecommunications infrastructure services that has been operating for more than 25 years. Its business includes the sale and rental of diesel generators for backup and primary power needs at telecommunication towers and data centres, telecommunications infrastructure construction, and operation and maintenance (O&M) services.
In the IPO, BACH is offering 615 million new shares, equivalent to 15.06% of the issued and fully paid capital post-IPO, with a price range of Rp 400 to Rp 500 per share. Through this corporate action, BACH has the potential to raise funds of Rp 246 billion to Rp 308 billion. Approximately 70% of the IPO proceeds will be allocated for working capital for the generator business, particularly for purchasing inventory, while around 30% will be used for debt repayment.
At the offering price range, BACH’s valuation stands at 10.5 to 13.1 times 2025 price to earnings (P/E) or around 8.0 to 9.6 times 2025 EV/EBITDA. According to Daniel, this valuation is relatively in line with the average of similar companies in the sector.
Regarding the ownership structure, after the IPO the founders’ investment vehicle, PT Bach Multi Solusindo Indonesia (BMSI), will still hold 52.3% of the shares, while GTP will hold 25.5%. However, this condition is only temporary. Daniel explained that on 7 January 2026, BMSI and GTP signed an option agreement granting GTP the right to increase its ownership to 51% of the issued capital after the IPO. GTP then formally exercised the option through a written notification on 13 March 2026.
“Because this transaction is a share transfer between existing shareholders, not a new share issuance, the number of outstanding shares and the public share portion remain unchanged. What changes is only the ownership composition between GTP and BMSI,” Daniel clarified. With the completion of this transaction, the ultimate controller of BACH will shift to Martin Basuki Hartono and Victor Rachmat Hartono, or the Hartono family, who are also the controllers of PT Sarana Menara Nusantara Tbk (TOWR) and Protelindo.
On a proforma basis, the consolidation of BACH is estimated to increase the TOWR group’s revenue by about 13% to Rp 15.1 trillion in 2025. EBITDA is projected to rise 2.3% to Rp 11.2 trillion, while net profit attributable to owners of the parent entity (NPATMI) increases 4.2% to around Rp 3.8 trillion. On the other hand, the combined EBITDA margin is expected to decline to 74.5% from the previous 82.3% due to the nature of BACH’s business, which has lower margins compared to the telecommunications tower business.
BACH’s fundamentals show strong growth. Net revenue increased from Rp 1 trillion in 2023 to Rp 1.7 trillion in 2025, growing nearly 40% annually. Net profit surged to Rp 156 billion from Rp 34 billion two years earlier. Most of BACH’s business is already connected to the TOWR ecosystem. Protelindo and PT Solusi Tunas Pratama Tbk (SUPR) contributed around 28% of the company’s total revenue in 2025, in line with TOWR’s strategy to expand Power as a Service (PaaS) and strengthen energy provision solutions for telecommunications infrastructure.