Overwhelming Demand! Public Offering of 2 IPOs Closes Today at 09.00 WIB

Today, Friday 3 July 2026, is the final day of the initial public offering (IPO) for shares of PT Nitrasanata Dharma Tbk (JECX) and PT Niramas Utama Tbk (JELI) on the Indonesia Stock Exchange (IDX). Both companies commenced their IPO public offering periods on 1 July 2026, and the offering will close today at 09.00 WIB. Investor interest in these IPOs has been overwhelming. Data on Stockbit shows that hundreds of thousands of investors have queued to secure allotments of JECX and JELI IPO shares. As of 2 July 2026 at 22.00 WIB, 516,849 stock investor accounts were queuing for JECX IPO shares, while 750,426 accounts were queuing for JELI IPO shares. In its corporate action, JECX is also offering 162.88 divestment shares owned by DR. Dr. Waldenius Girsang, SpM(K), representing 2% of the issued and paid-up capital post-public offering. Concurrently, JECX is conducting an employee stock allocation programme, allotting shares equivalent to 2.29% of the total shares offered in the IPO, or 11.16 million shares. Meanwhile, JELI has set its IPO price at Rp 900 per share. By offering 2.66 million new shares, the dessert food and beverage company behind the INACO brand has the potential to raise fresh funds of Rp 239 billion. According to its prospectus, JECX’s Price to Earnings Ratio (PER) is 49.52 times and its Price to Book Value (PBV) is 4.51 times. At the offering price of Rp 120 per share, the PER for RPDL reaches 8.61 times with a PBV of 0.000022 times. The Equity Research Team at Ajaib Sekuritas Asia calculated JELI’s P/E at 23.06 times with a PBV of 6.18 times, based on earnings per share of Rp 39.02 and a book value per share of Rp 145.52. The valuations of both JELI and JECX are considered quite premium, requiring proof of performance growth to support future share price increases. Capital market observer Hendra Wardana noted that the two prospective issuers offer different investment profiles and should not be compared simply because they are conducting IPOs simultaneously. ‘Investors in JELI are paying a premium for efficiency, whereas JECX requires investors to pay a very high price for a company that is still in the process of restoring its profitability,’ Hendra said. He added that JELI’s strength lies in the INACO brand and its extensive distribution network, although revenue growth has slowed in recent years, meaning profit increases have been largely supported by cost efficiency. JECX, meanwhile, operates in the defensive hospital sector, but its share valuation is considered quite premium while its return on capital and profitability recovery remain disproportionate. ‘A low price is not necessarily truly cheap if the fundamentals are fragile. Conversely, a seemingly expensive price may not be overvalued if the company can deliver consistent profit growth,’ Hendra stated.