Only 7 Days After Listing, EMMI Shares Fall Below IPO Price

Jakarta, CNBC Indonesia — Medical device provider PT Essa Medika Mandiri Tbk (EMMI), which made its debut on the Indonesia Stock Exchange on 8 July 2026, has already fallen below its initial public offering (IPO) price. EMMI became the only company to list this month without hitting the upper auto-rejection limit. In contrast, five other companies that conducted IPOs in July 2026 all saw their shares surge to the upper limit on their first day of trading. On Monday, EMMI closed down 3% at Rp 460, below its IPO price of Rp 470. The stock briefly touched a high of Rp 480 during the session, but significant selling pressure pushed it to a low of Rp 460. The company issued 522.86 million new shares, representing approximately 30% of its capital. Proceeds from the IPO are focused on three main priorities: strengthening the company’s capital structure, developing production facilities, and adding working capital. A portion of the funds will be used to repay bank loans, some will go towards constructing a new factory building in Cikupa, and the remainder will be allocated for inventory purchases and working capital needs related to projects and the procurement of medical devices.