Indonesia’s healthcare sector continued to dominate the country’s IPO market as shares of PT Prodia Diagnostic Line Tbk (PRDL) hit their daily upper trading limit on debut on the Indonesia Stock Exchange (IDX) on Thursday—the third healthcare company to go public this week.
PRDL, the diagnostics manufacturing arm of Prodia Group, climbed 35% to 162 rupiah from its IPO price of 120 rupiah shortly after trading opened, triggering the exchange’s volatility interruption mechanism.
The listing came after the company’s public offering was oversubscribed 709.9 times in the retail pooling tranche, attracting subscriptions from about 1.2 million single investor identification (SID) accounts, one of the strongest retail responses among this year’s IPOs.
PRDL became the sixth company to list on the IDX this year, following the listings of Jakarta Eye Center operator PT Nitrasanata Dharma Tbk (JECX), food producer PT Niramas Utama Tbk (JELI), Djarum-affiliated infrastructure firm PT Bach Multi Global Tbk (BACH), and medical device maker PT Esa Medika Mandiri Tbk (EMMI) earlier this week.
The company raised 62.75 billion rupiah through the issuance of 522.86 million new shares, equivalent to 30% of its enlarged capital, implying a market capitalization of about 209 billion rupiah upon listing.
Most of the IPO proceeds will be used to partially repay bank loans, with the remainder allocated to capital expenditure—including production machinery, calibration equipment and software—as well as working capital to support product development and expand distribution.
Established in 2010, PRDL manufactures in-vitro diagnostic (IVD) products under the Proline brand, supplying reagents, laboratory instruments, and diagnostic equipment to hospitals, laboratories, and healthcare facilities across Indonesia.
President director Cristina Sandjaja said the IPO was intended to strengthen the company’s governance rather than simply raise fresh capital.
“The main consideration was not fundraising. It was about ensuring we have good corporate governance, implementing GCG properly, and managing business risks. It was more about sustainability,” Sandjaja said during the listing ceremony.
She added that PRDL generates positive operating cash flow and is backed by a financially strong parent company, allowing it to focus on long-term expansion rather than near-term funding needs.
Sandjaja also said the company aims to adopt a dividend policy comparable to parent company PT Prodia Widyahusada Tbk, subject to profitability and future investment requirements.
PRDL’s debut also highlighted how investors have started differentiating among this week’s new listings after an initial wave of buying. While the diagnostics maker hit its daily upper limit on its first trading day, BACH gained another 10% on Thursday after its debut, while JELI extended its rally by nearly 25%, marking a third straight session of strong gains.
In contrast, JECX and EMMI retreated 14.9% and 10.6%, respectively, after both surged to their upper trading limits in the previous sessions.
The week’s listings suggest investor appetite for healthcare-related issuers remains robust, even as trading in newly listed stocks has become more selective following their initial rally.
