Swayasa Prakarsa (SWAP) IPO Postponed, Indonesia Stock Exchange Provides Explanation

The Indonesia Stock Exchange (BEI) has spoken out regarding the postponement of the initial public offering (IPO) of PT Swayasa Prakarsa Tbk (SWAP). Saidu Solihin, Director of Company Valuation, stated that the Exchange has received a formal request to delay the planned IPO.

“The Exchange has received a Letter of Request for the Postponement of the Initial Public Offering Plan from PT Swayasa Prakta Tbk dated 1 September 2026,” he told reporters on Thursday (3/9/2026).

Saidu noted that, according to the letter received, the postponement is being implemented because, as of 1 September 2026, PT Swayasa Prakarsa Tbk has not yet obtained an Effective Statement from the Financial Services Authority (OJK) to proceed with the public offering.

As information, the company utilised financial statements as of 28 February 2026 for the offering process; consequently, the validity of these financial statements expired on 31 August 2026.

The medical device manufacturer, originating from Universitas Gadjah Mada (UGM), had targeted to raise up to Rp45.22 billion from the initial public offering.

“For us, an IPO is not merely a corporate action to obtain funding. This step is part of the transformation of PT Swayasa Prakarsa into a company that is increasingly transparent, accountable, and sustainable, while simultaneously expanding the impact of health innovations created by the nation’s children,” said Bondan Ardiningtyas, President Director of PT Swayasa Prakarsa Tbk (SWAP), on Monday (24/8/2026).

Swayasa Prakarsa planned to release 323 million new shares, representing 30.3% of the fully paid-up issued capital after the IPO. The book-building period took place from 24 to 27 August 2026, with a price range of Rp130 - Rp140 per share. PT Sukadana Prima Sekuritas (AD) acted as the underwriter.

All proceeds from the IPO were intended to be used for working capital, capital expenditure, and debt repayment. Approximately Rp15.8 billion was allocated for working capital, including Rp5 billion for raw material purchases, Rp2.3 billion for production equipment, Rp4.6 billion for operations, Rp500 million for human resource development, Rp400 million for information systems, Rp2 billion for marketing, and Rp1 billion for product portfolio development.

“New products being developed include heart stents, EVD, and Neonatal Ventilators,” the SWAP prospectus stated.

For capital expenditure, the company allocated Rp12.2 billion. Of this, Rp10.7 billion was earmarked for the construction of a management and distribution building on a 1,450 square metre site in Cangkringan, Sleman. Additionally, Rp500 million was allocated for building asset purchases and Rp1 billion for the purchase of operational and logistics vehicles.