INACO Readies for IPO as Profit Triples on Portfolio Strategy

As the end of June 2026 approaches, the Indonesian capital market is being enlivened by a wave of initial public offerings. Six companies from various sectors are preparing to list on the Indonesia Stock Exchange (BEI), including PT Niramas Utama Tbk (JELI), PT Prodia Diagnostic Line Tbk (PRDL), PT ESA Medika Mandiri Tbk (EMMI), PT Nitrasanata Dharma Tbk (JECX), PT Bach Multi Global Tbk (BACH), and PT Rans Entertainmen Indonesia Tbk (RANS). Among these prospective issuers, PT Niramas Utama Tbk (JELI) has attracted significant investor attention. Beyond bringing the well-known INACO brand in the food and beverage market, the company has demonstrated a significant performance transformation ahead of its scheduled listing on 7 July 2026. In a discussion session, management revealed the reasons behind a significant net profit surge from Rp12.4 billion in 2024 to Rp38.4 billion in 2025, a jump of approximately 220%. This achievement was realised despite a 4.49% decline in revenue from Rp788.4 billion in 2024 to Rp753.01 billion in 2025. Director Adhi S. Lukman explained that the revenue decline was not due to weakening demand but resulted from a strategy to improve sales quality through a comprehensive review of the product portfolio. The company selectively discontinued less productive or low-margin stock-keeping units to focus on products with higher profitability. This strategy was reflected in improved operational performance, with EBITDA rising to around 28.14% in 2025 and Return on Equity soaring from 9.81% in 2024 to 26.82% in 2025. The capital structure also strengthened, with the Debt to Equity Ratio improving from 3.41x in 2023 to 2.79x in 2025. Approximately 51% of the IPO proceeds will be used to strengthen production capacity expansion through capital injection into its subsidiary, PT Niramas Pandaan Sejahtera, with a primary focus on developing the gummy candy category, a new segment with significant growth and export potential. The company also continues to expand its portfolio with the launch of Mogo Choco and the functional drink EnerGel. Founded in 1990, INACO operates four production facilities in Bekasi, Pontianak, Pandaan, and Sukabumi, with over 115 active SKUs distributed through 251 points across Indonesia and exported to more than 30 countries. Amid US dollar exchange rate pressures increasing raw material costs, management emphasised it is not aggressively raising selling prices, instead focusing on efficiency through product reformulation, digitalisation, solar panel use, and manufacturing automation.