Jakarta-based medical equipment distributor PT Esa Medika Mandiri plans to raise as much as 269.2 billion rupiah ($15.1 million) through an initial public offering, becoming the third company in recent weeks to file for a stock market debut ahead of the end of the first half of 2026.
The company is offering up to 522.9 million new shares, equivalent to 30% of its enlarged capital, at an indicative price range of 446-515 rupiah apiece, according to its preliminary prospectus published with IDX. At the top end of the range, the offering could raise up to 269.2 billion rupiah.
Esa Medika is expected to list on the Indonesia Stock Exchange, under the ticker EMMI, on July 8, following the bookbuilding period scheduled for June 22-24.
Esa Medika follows food and beverage producer PT Niramas Utama and medical laboratory equipment provider PT Prodia Diagnostic Line, to publish a preliminary prospectus in quick succession before the June-end deadline. All three are expected to debut on the exchange within weeks of one another in early July.
The filing comes as Indonesia’s IPO pipeline continues to thin. Earlier this month, the Indonesia Stock Exchange said the number of companies in the listing queue had fallen to 12 from 15 previously. The remaining candidates span sectors including healthcare, consumer, infrastructure, financial services, and technology.
So far this year, only one venture-backed company has reached the market — PT BSA Logistics Indonesia Tbk, a unit of logistics startup Waresix, which raised 300 billion rupiah through its IPO in April.
Along with recent filings by other issuers, Esa Medika adds to a growing pipeline of deals that are expected to reach the market within a relatively short period, with listings scheduled only weeks apart as companies seek to tap investor demand before the second half begins.
Founded in 2000, Esa Medika distributes laboratory, pharmaceutical, and medical equipment and supplies to hospitals and healthcare institutions across Indonesia. The company is headquartered in Tangerang and operates through several subsidiaries engaged in medical technology, manufacturing, and healthcare-related businesses.
The company plans to use part of the IPO proceeds to strengthen its capital structure by repaying bank loans, while the remainder will be allocated for working capital and business expansion. The prospectus shows the company has banking facilities with several lenders, including PT Bank Ina Perdana and PT Bank OCBC NISP.
Financially, Esa Medika has posted strong growth over the past three years. Revenue rose to 454.6 billion rupiah ($25.5 million) in 2025 from 384.9 billion rupiah ($21.6 million) a year earlier and 173 billion rupiah ($9.7 million) in 2023, driven by higher medical equipment sales.
The company’s attributable comprehensive income surged to 73.3 billion rupiah in 2025, compared with 11.2 billion rupiah in 2024 and 1.4 billion rupiah in 2023, reflecting improving profitability as sales expanded. Basic earnings per share increased to 28 rupiah in 2025 from 9 rupiah in 2024.
The company counts hospitals and healthcare institutions among its key customers. Its prospectus identifies customer concentration as one of the main risks facing the business. Among its largest customers are RSU Dr Wahidin Sudiro Husodo and a joint venture with PT Medikor Nusantara Raya.
PT BRI Danareksa Sekuritas and PT INA Sekuritas Indonesia are acting as joint lead underwriters for the offering.