IDX e-IPO Analytics

IDX · 2021–2026

251 DEALS/243 LISTED/8 N/L

Overview Choppy Market Underwriters Sectors & Time Explorer Upcoming

NFA · DYOR

Independent forensic analysis of preliminary prospectuses (Prospektus Awal), for educational purposes only. Not financial advice and not a recommendation to subscribe, buy, or sell. Figures are drawn from draft documents and may change in the final prospectus; opinions are analysis attributed to those documents. Always do your own research and consult a licensed advisor before investing.

Upcoming IPOs · side by side

1 IDX deal listing Sep 2026 · click a ticker to drill in

Metric	SWAPPT Swayasa Prakarsa Tbkview ▸
AI Score
AI Score	53D
Deal
Listing date	10 Sep
Sector	Healthcare
Lead underwriter	Sukadana Prima SekuritasC
Offer price	Rp 130–140
Structure	100% primary
Size & float
Shares offered	323,000,000
Gross raise	Rp 42.0B–Rp 45.2B
Free float	30.3%
Post-IPO mkt cap	Rp 138.6B–Rp 149.2B
Valuation (post-money)
Trailing P/E	97.5–105.0×
P/BV	2.3–2.4×
ROE post-money	2.3%
Leverage & use of proceeds
DER FY2025	0.9×
DER post-IPO	0.2×
Proceeds → debt	30.0%ⓘ
ESA / ESOP	—
Performance (FY2025)
Revenue	Rp 7.1B
Revenue growth	-30.3%
Net profit	Rp 1.4B
Net profit growth	-59.0%
Gross margin	45.9%
Net margin	20.0%
ROE (trailing)	7.9%
Ownership & risk
Ownership exposure	Mixed PEP 4 under review
Controller (post)	Universitas Gadjah Mada controls 69.60% post-IPO — 67.72% via PT Gama Multi Usaha Mandiri (98.63% UGM / 1.37% Yayasan UGM) plus 1.88% held directly; the sitting Rector, Prof. dr. Ova Emilia, is the prospectus-designated controlling party Public 30.30% · PT Radio Swaragama 0.05% · CEO Bondan Ardiningtyas 0.05% (no ESA, no warrants) UGM's control undertaking runs only 12 months from the OJK effective date; the Rector's term ends in 2027, so the controller is an office, not a person
Lock-up	Hard lock 8-month POJK 25/2017 lock on all four pre-IPO holders (69.70% of post-IPO shares) · UGM 12-month control commitment
Red flags	149 high
Green flags	7

Listed · how the calls played out

AI Score at prospectus stage vs realized returns · click a ticker for the original forensic

Ticker	Company	Listed	AI Score	Final price	D1	D7 cum	Since listing	Regime
JECX	PT Nitrasanata Dharma Tbk	07 Jul	57D+	Rp 1.250	+24.8%	+12.4%	+9.2%	choppy
JELI	PT Niramas Utama Tbk	07 Jul	59D+	Rp 900	+25.0%	+15.0%	-35.0%	choppy
BACH	PT BACH Multi Global Tbk	08 Jul	68C+	Rp 442	+24.4%	+27.8%	+2.3%	choppy
EMMI	PT Esa Medika Mandiri Tbk	08 Jul	66C+	Rp 470	+17.0%	-2.1%	-33.6%	choppy
PRDL	PT Prodia Diagnostic Line Tbk	09 Jul	73B	Rp 120	+35.0%	+221.7%	+100.0%	choppy
RANS	PT RANS Entertainmen Indonesia Tbk	10 Jul	62C	Rp 170	+34.1%	+40.0%	+16.5%	choppy