Djarum Group's BACH Soars on Trading Debut, Hits Upper Limit

Shares of PT Bach Multi Global Tbk (BACH), a generator rental company affiliated with the Djarum Group, hit the upper auto-rejection limit (ARA) on its first day of trading on the Indonesia Stock Exchange (BEI) on Wednesday (8/7/2026). The stock opened at IDR 550 per share, marking a 24.43% increase.

The company offered 615 million new shares, equivalent to 15.06% of its enlarged capital, with an initial public offering (IPO) price range of IDR 400 to IDR 500 per share, potentially raising up to IDR 307.5 billion.

President Director Budi Kurniawan stated that the company’s financial performance showed solid growth throughout the 2025 financial year. Revenue increased by nearly 40% to approximately IDR 1.73 trillion, while net profit surged by 97.5% to around IDR 155 billion. This pushed the net profit margin up to 9% from 6.3% the previous year. The growth was primarily driven by a 93% year-on-year increase in generator sales and a significant 1,200% jump in the generator rental business.

The telecommunications infrastructure construction and maintenance segment remains a major revenue contributor through its long-term contract business model, which generates recurring income.

Proceeds from the IPO will be used productively to strengthen business growth. Around 70% of the funds will be allocated as working capital, particularly for purchasing generators to meet sales and rental demand. The remaining 30% will be used to repay part of the company’s bank loans, thereby strengthening its capital structure and reducing leverage.

Looking ahead, the company is targeting sustainable growth. Management projects revenue to increase from around IDR 1.73 trillion in 2025 to more than IDR 3 trillion by 2030, representing an average annual growth rate of approximately 12%. Over the same period, net profit is projected to surge by around 158% to IDR 401 billion, supported by the expansion of the power solutions business, increased telecommunications infrastructure projects, operational efficiency, and reduced financial costs following the IPO. The growth strategy will focus on adding up to 50 MW of power plant rental capacity per year, developing new energy business lines, increasing telecommunications network construction projects, strengthening long-term contract-based revenue, and driving operational transformation through digitalisation and improved customer service quality.