Shares of PT Niramas Utama Tbk, the producer of INACO-branded food products, and PT Nitrasanata Dharma Tbk, the operator of Jakarta Eye Center (JEC) hospitals and clinics, surged on their trading debut on the Indonesia Stock Exchange (IDX) on Tuesday, triggering temporary trading halts after hitting the daily upper price limit.
Niramas Utama, which trades under the ticker JELI, opened at Rp1,125, up 25% from its IPO price of 900 rupiah apiece, while Nitrasanata Dharma (JECX) climbed 24.8% to Rp1,560 from its offering price of 1,250 rupiah apiece.
Both stocks immediately hit the auto-rejection upper limit minutes into their trading debut, prompting the exchange to impose a temporary trading halt under its volatility control mechanism. However, the Jakarta Composite Index opened low at 0.20% to 5,905.
The strong debut came after both IPOs attracted robust demand from retail investors during the bookbuilding process.
JELI’s retail pooling tranche was oversubscribed by 273.37 times, attracting participation from 606,892 investor identification numbers (SID). Meanwhile, JECX’s offering drew subscriptions from more than 400,000 SIDs.
Niramas Utama raised 239.4 billion rupiah from the sale of 266 million new shares, equivalent to 21.01% of its enlarged capital, implying a market capitalisation of about 1.14 trillion rupiah at listing.
The company said IPO proceeds will primarily be used to inject capital into subsidiaries, fund working capital, purchase production machinery and repay short-term debt.
Nitrasanata Dharma, meanwhile, secured 609.98 billion rupiah after issuing about 488 million new shares, representing 15% of its enlarged capital. The listing valued the healthcare provider at around 4.07 trillion rupiah.
The company plans to allocate nearly half of the net proceeds for working capital, while the remainder will be used to repay debt at both the parent company and subsidiary levels.
Speaking at the listing ceremony, Yusuf Hamdani, president director of Niramas Utama, said the IPO marked a new chapter for the maker of INACO and Nata de Coco products after more than three decades of growing organically.
“For 35 years, we have grown consistently from a small company into a medium-sized business through organic growth, navigating multiple economic crises with the support of our employees and shareholders,” Hamdani said.
“By becoming a listed company, we are opening ourselves to public investors to support the next stage of our growth, backed by the strong fundamentals we have built over the years.”
Nitrasanata Dharma President Director Johan A. Hutauruk said the company sees significant room for growth given Indonesia’s large unmet demand for eye care services.
“We served around 51,000 patients throughout 2025, but that remains small compared with the millions of Indonesians affected by vision impairment. We want to continue expanding so more people can access quality eye care,” Hutauruk said.
He added that the company would continue its social programmes, including free cataract and strabismus surgeries, while maintaining the mission established when Jakarta Eye Center was founded more than four decades ago.
“Becoming a public company strengthens our commitment to the vision we set 42 years ago—to improve people’s quality of life through better eye health,” he said.
Niramas Utama became the second company to list on the IDX in 2026, followed by Nitrasanata Dharma as the third, adding new issuers from the consumer staples and healthcare sectors amid continued strong participation from retail investors in the country’s IPO market.
Indonesia Stock Exchange (IDX) Director Saidu Solihin said the bourse would continue working with market participants to improve the quality of Indonesia’s capital market by strengthening transparency, liquidity, corporate governance, investor protection and market deepening.
This week, the bourse will see four upcoming listed companies – PT Bach Multi Global, PT ESA Medika Mandiri, PT Prodia Diagnostic Line, and PT Rans Entertainment Indonesia.
