Examining the IPO Prospects of Prodia (PRDL) and Niramas (JELI) in Early July 2026

JAKARTA. The Indonesia Stock Exchange (BEI) will soon welcome two prospective new issuers. Food and beverage manufacturer PT Niramas Utama (JELI) and medical diagnostics equipment manufacturing and processing company PT Prodia Diagnostic Line (PRDL) are preparing to conduct their initial public offerings (IPOs). Barring any unforeseen circumstances, JELI will list its shares on the BEI on 7 July 2026, whilst PRDL will debut on the stock exchange on 9 July 2026. According to its prospectus, during the initial offering or bookbuilding period, JELI has set a price range of Rp 900 to Rp 1,120 per share. Thus, JELI has the potential to raise fresh funds of up to Rp 392 billion. Niramas Utama will offer a maximum of 350 million ordinary shares, equivalent to 25.93% of the issued and fully paid-up capital. Financial Educator Manager at Sucor Sekuritas, Hendry Wijaya, stated that PRDL’s prospects are quite attractive as they are supported by the trend of increasing government healthcare spending. The healthcare budget in the state budget (APBN) continues to rise, from Rp 218.5 trillion in 2025 to Rp 244 trillion in 2026. Additionally, the government is running a Free Health Check-up Programme which, by the end of 2025, had been utilised by more than 70 million participants and is targeted to reach 140 million participants. PRDL estimates that this programme could create a potential market of around Rp 2.2 trillion in 2026. PRDL also has experience winning government tenders, including the procurement of lipid profile reagents worth approximately Rp 90 billion in 2023. In terms of financial performance, PRDL’s growth is impressive. The company’s revenue increased by 26.8% from Rp 58.7 billion in 2024 to Rp 74.4 billion in 2025. Meanwhile, net profit surged by 69.9% from Rp 10 billion to Rp 17 billion. The company also recorded a net profit margin of around 22.8% and a return on equity (ROE) of 20.5%, figures considered high for the medical devices and diagnostic reagents industry. Furthermore, its distribution network expanded rapidly, with the number of distributors increasing from 21 to 45 within a single year. At the IPO price range of Rp 100–Rp 120 per share, PRDL’s valuation is at a price-to-earnings ratio (P/E) of approximately 10–12 times based on 2025 earnings. Given its growth and profitability, this valuation is considered still quite conservative. Thus, PRDL shares have the potential to attract investors seeking opportunities in the healthcare sector with a relatively small market capitalisation. “For a company with margins and growth like this, that valuation is relatively conservative. This is one of its main attractions. Market players who favour the structural healthcare spending theme with small capitalisation should take a closer look,” Hendry told Kontan on Friday (19/6/2026). Unlike PRDL, which offers a growth story in the healthcare sector, JELI is pursuing a strategy of increasing profitability from a consumer business that already has a strong foundation. INACO is one of the pioneers and market leaders for nata de coco in Indonesia. Established in 1990, the brand has been present for more than three decades and has a strong level of brand recognition among consumers. With this position, JELI’s main appeal lies in the combination of an established national distribution network and a mature brand strength. Unlike many new consumer companies that still need to spend heavily on brand building, JELI already has a strong customer base and reputation, allowing it to focus more on developing new products with higher margins. To strengthen operations, in 2025 JELI acquired PT Supra Natami Utama as a vertical integration step to secure the supply of nata de coco raw materials. Additionally, the company made various production-supporting investments, including the construction of deepwells and increasing the factory’s electricity capacity. “This is a company that is tidying up its supply chain from upstream to factory energy right before listing. For market players, this is a signal that the main risks acknowledged by JELI itself, such as raw material price volatility, are being actively mitigated, not ignored,” said Hendry. Hendry also explained several other factors that make the JELI and PRDL IPOs interesting for investors to observe. Firstly, both companies still retain majority control in the hands of their owners. After the IPO, JELI’s original owners will still control approximately 74% of the company’s shares, whilst PRDL’s owners will retain around 70%. Specifically for JELI, the majority of the IPO proceeds will be used for expansion through the addition of new production machinery, not merely to pay off debt. This condition is seen as reflecting the company’s commitment to driving long-term business growth. Meanwhile, JELI is trading at a more premium valuation, around 31–38 times P/E. However, this valuation is considered in line with JELI’s significant profit growth, which jumped from Rp 1.4 billion in 2023 to Rp 39.4 billion in 2025. Thirdly, both companies are supported by an underwriter with a good track record, namely Sucor Sekuritas. In several previous IPOs, shares handled by Sucor Sekuritas recorded quite prominent performance at the start of trading. “This is a positive early signal for both debuts,” Hendry explained. With a combination of support from an experienced underwriter, a relatively limited public free float, and attractive fundamentals and business stories, both issuers are considered to have their own appeal. JELI offers strong earnings growth momentum, whilst PRDL presents a relatively inexpensive valuation. Thus, both IPO shares deserve to be on investors’ monitoring radar ahead of their initial listing on the Indonesia Stock Exchange.