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) to raise fresh funds of up to Rp269.27 billion between late June and early July 2026. According to the e-IPO platform and Investasi, the company, which operates in the wholesale trade of laboratory, pharmaceutical, and medical equipment, is offering 522,857,000 new shares under the ticker code EMMI. This amount represents 30 percent of the company’s total issued and fully paid-up capital, with a nominal value of Rp50 per share. Management has set the initial offering price in the range of Rp446 to Rp515 per share. In addition to the public offering, the company is allocating a maximum of 10 percent of the shares, or 52,285,700 shares, for an employee stock allocation programme. The planned use of proceeds from the corporate action includes Rp50 billion to repay part of the company’s bank loan principal. Approximately 11.8 percent will be allocated for the construction of a new factory building in the Cikupa area, while the largest portion, 68.7 percent, will be used as operational working capital for project purchases and raw material procurement. Should the public funds raised be insufficient to meet these needs, management has stated that the shortfall will be covered using internal cash reserves or by seeking additional funding through bank loans and other financial institutions. The move to go public is supported by solid financial growth in the 2025 financial year, with top-line revenue reaching Rp454.63 billion, an increase of 18.1 percent from the 2024 figure of Rp384.93 billion. According to the company’s financial report, net profit for the year surged significantly by 188.22 percent to Rp32.43 billion in 2025, compared to the previous year’s achievement of Rp11.25 billion. Total equity also increased to Rp145.01 billion, while liabilities were successfully reduced to Rp419.42 billion from Rp641.01 billion. Following the IPO, the corporate shareholder composition will be held by Surya Gunawan Widjaja with 21 percent, Andrew Ignatius Widjaja with 16 percent, Florian Chris Widjaja with 11 percent, Andrian Matthew Widjaja with 11 percent, Eddy Lie with 10 percent, the ESA programme with 3 percent, and public ownership below 5 percent at 27 percent. The company also plans to distribute cash dividends of up to 30 percent of net profit for the financial year, commencing with the financial year ending 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 company’s business activities, cash flow, business prospects, working capital requirements, capital expenditure, and future investment plans, while observing regulatory restrictions and other obligations. The bookbuilding period is scheduled to take place from 22 to 24 June 2026, followed by the effective date from the Financial Services Authority 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.