Prospects for Bach Multi Global (BACH) and Esa Medika (EMMI) Following Successful IPOs
JAKARTA. The Indonesia Stock Exchange welcomed two new listed companies on Wednesday (8/7/2026): PT Bach Multi Global Tbk (BACH) and PT Esa Medika Mandiri Tbk (EMMI). BACH became the fourth company to list on the Exchange this year, while EMMI is the fifth.
In its IPO, EMMI offered 522,857,000 new shares, representing 30% of its issued and fully paid-up capital post-IPO. The offering price was set at Rp470 per share, bringing the total offering value to Rp245.74 billion. The company will allocate Rp50 billion for partial repayment of a principal loan. Approximately 6.4% will finance capital expenditure for the construction of a factory building in Cikupa. Around 72.3% will be used for working capital, including the purchase of goods related to softloan projects and raw materials/inventory to support business operations. The Cikupa factory will cover roughly 2,000 to 3,000 square metres, with plans to build two or three storeys.
Meanwhile, BACH offered a maximum of 615 million new shares, equivalent to 15.06% of its issued and fully paid-up capital post-IPO. With an offering price range of Rp400 to Rp500 per share, BACH raised up to Rp307.5 billion. From the IPO proceeds, after deducting emission costs, BACH plans to use Rp91.02 billion to pay part of a short-term loan facility to PT Bank Permata Tbk. The remaining Rp213.48 billion will be used as working capital for the purchase of generators for sale or lease.
BACH President Director Budi Kurniawan stated that the company projects revenue to increase from around Rp1.73 trillion in 2025 to more than Rp3 trillion by 2030, with an average growth rate of approximately 12% per year. Net profit is projected to surge to around Rp401 billion, an increase of about 158%.
Senior Investment Analyst at Mirae Asset Sekuritas, Nafan Aji Gusta, observed that BACH has the potential to become a pillar of the Djarum Group’s digital infrastructure, particularly in the passive telecommunication infrastructure business of telecommunication towers. This business is complementary to the group’s digital ecosystem, which has developed through digital banking, technology, data centres, fibre optic networks, and telecommunication services. By owning tower assets, the group gains exposure to an infrastructure business that generates recurring income through long-term lease contracts with telecommunication operators. This business model is relatively more defensive than businesses heavily dependent on consumption cycles.
According to Nafan, BACH’s medium- to long-term prospects remain quite positive, supported by several factors. Firstly, data consumption in Indonesia continues to rise due to smartphone penetration, video streaming, cloud computing, artificial intelligence (AI), and the Internet of Things (IoT). Secondly, industry trends show operators increasingly prefer leasing towers rather than building their own, as it is more efficient in terms of capital expenditure. Thirdly, if BACH can maintain a high tenancy ratio and secure additional co-location tenants, profitability has the potential to increase because the additional costs are relatively lower than the revenue obtained. Nevertheless, investors still need to pay attention to several risks, such as competition with established tower companies, pressure on lease rates, significant expansion needs, and telecommunication industry consolidation that could affect demand for new towers.
Through the IPO, BACH’s market valuation becomes more transparent, providing a positive impact on the overall consolidated asset assessment of the group. By becoming a public company, BACH gains direct access to the capital market for future funding, whether through rights issues, bonds, or other corporate actions, without having to rely continuously on equity from the parent company. The Djarum Group is astute in seeing that the new growth engine in the digital era is no longer just conventional macro towers, but the integration of towers, fibre optics, and data centres. Nafan has not yet provided a stock recommendation for either BACH or EMMI.