PT Esa Medika Mandiri Launches IPO Targeting Rp269 Billion

PT Esa Medika Mandiri Tbk is preparing to list on the Indonesia Stock Exchange through an initial public offering (IPO), aiming to raise fresh funds of up to Rp269.27 billion between late June and early July 2026.

According to the e-IPO and Investment portal, the company, which operates in the wholesale trade of laboratory, pharmaceutical, and medical equipment, is offering 522,857,000 new shares under the ticker symbol EMMI. This amount represents 30 per cent of the company’s total placed and fully paid-up capital, with a nominal value of Rp50 per share.

Management has set the initial offering price within the range of Rp446 to Rp515 per share. In addition to the public offering, the company has also allocated a maximum of 10 per cent of shares, or 52,285,700 shares, for an employee stock allocation (ESA) programme.

The planned allocation of the proceeds from this corporate action includes using Rp50 billion to repay part of the company’s bank loan principal. Furthermore, approximately 11.8 per cent will be focused on the capital for constructing a new factory building in the Cikupa area, while the largest portion, 68.7 per cent, will be positioned as working capital for project procurement and raw material acquisition.

Should the funds from the public be insufficient to meet these needs, management has emphasised that any budget shortfall will be covered using internal cash or by seeking additional funding through bank loans and other financial institutions. This move to go public is supported by solid financial growth in the 2025 fiscal year, achieving a top-line revenue of Rp454.63 billion, an 18.1 per cent increase from the 2024 figure of Rp384.93 billion.

Based on the company’s financial reports, net profit for the current year surged significantly by 188.22 per cent to Rp32.43 billion in 2025, compared to the previous year’s achievement of Rp11.25 billion. The company’s total equity also increased to Rp145.01 billion, while liabilities were successfully reduced to Rp419.42 billion from an initial Rp641.01 billion.

Following the IPO, the corporate shareholding composition will consist of Surya Gunawan Widjaja at 21 per cent, Andrew Ignatius Widjaja at 16 per cent, Florian Chris Widjaja at 11 per cent, Andrian Matthew Widjaja at 11 per cent, Eddy Lie at 10 per cent, the ESA programme at 3 per cent, and public ownership at under 5 per cent, totalling 27 per cent. The company also plans to distribute cash dividends of up to 30 per cent of the current year’s net profit, starting from the fiscal year ending in 2027.

“The amount of dividend distribution will be determined based on the results of the Company’s Annual General Meeting of Shareholders and will depend on the results of business activities and the Company’s cash flow, as well as business prospects, working capital needs, capital expenditure, and the Company’s future investment plans, while taking into account regulatory restrictions and other obligations,” it was noted.

The book-building process is scheduled to take place from 22 to 24 June 2026, followed by the effective date from the Financial Services Authority (OJK) on 30 June 2026. The public offering period will run from 2 to 6 July 2026, before EMMI shares are officially listed on the Indonesia Stock Exchange on 8 July 2026.