Djarum Group's Generator Firm BACH Sets IPO Price at Rp442

Telecommunications infrastructure issuer PT Bach Multi Global Tbk (BACH) has set its offering price at Rp442 per share for its listing on the Indonesia Stock Exchange (IDX).

This figure sits in the middle of the initial offering price range (bookbuilding) conducted between 22–24 June 2026, during which the company set a price range of Rp400 to Rp500 per share.

Based on the company’s preliminary prospectus, BACH is offering 615 million new shares, equivalent to 15.06% of the placed and fully paid-up capital after the IPO. Consequently, the company potentially stands to raise fresh funds of Rp271.83 billion from the initial public offering.

The listing of shares on the Indonesia Stock Exchange is scheduled for 7 July 2026. The underwriter for this IPO is PT Erdikha Elit Sekuritas.

The company revealed that the proceeds from the IPO, after deducting issuance costs, will be used to strengthen its capital structure and working capital. Approximately Rp91.02 billion will be used to repay part of a loan to PT Bank Permata Tbk, while the remaining Rp213.48 billion is allocated as working capital to support operations and supplier payments.

BACH currently operates two main business lines: the sale and rental of generators, as well as construction and maintenance services for telecommunications infrastructure. The company believes both sectors hold positive growth prospects due to the increasing demand for backup power supply and the expansion of digital infrastructure in Indonesia.

Notably, this IPO is taking place amidst a change in the company’s ownership structure. Prior to the IPO, PT Bach Multi Sukses Investama (BMSI) was recorded as the largest shareholder with 61.55% ownership, while PT Global Telekomunikasi Prima (GTP) held 30% of the company’s shares.

Following the IPO, BMSI’s ownership will be diluted to approximately 52.32% and GTP’s to 25.49%, while the public will hold 15.06% of the company’s shares. However, this structure is not yet final, as GTP has stated it will exercise an option to purchase 1.04 billion shares from BMSI.

Once that transaction is completed, GTP will control 51% of BACH’s shares and become the controlling shareholder, while BMSI’s ownership will decrease to approximately 26.81%.

For reference, GTP is a company owned by PT Sarana Menara Nusantara Tbk (TOWR), which is controlled by the Djarum business group.