6 IPOs Are Bustling Amidst a Volatile IHSG
2026-06-26
Amidst volatility IHSG which had plunged 3.56% to 5,884 on June 24, six companies from various sectors still insisted on carrying out an IPO in early July 2026—RANS, JECX, PRDL, JELI, BACH, and EMMI.
This decision raises a big question: is this the right moment to go public or is it a risky move amidst market uncertainty?
Analysts believe that oil price pressure is starting to ease and the JCI is showing potential for a reversal, so the momentum is still quite appropriate.
However, retail investors are apparently more focused on the credibility of the underwriter and the clarity of the IPO fund allocation than on the condition of the JCI itself.
Key Points
Six companies are still pursuing IPOs amid the JCI volatility: RANS, JECX, PRDL, JELI, BACH, and EMMI. The initial listing date is July 2026.
Analysts believe the IPO momentum is still appropriate as oil price pressures are starting to ease and the JCI is no longer forming lower lows, signaling a potential reversal.
Investors are more focused on the credibility of underwriters and the clarity of the use of IPO funds than on the condition of the JCI or premium valuations.
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IHSG Volatile, IPO Still Going Forward
Six companies are continuing with their IPO plans despite the still-high volatility of the Jakarta Composite Index (JCI).
The JCI plunged 3.56% to 5,884 on June 24, 2026, before strengthening 1.96% to 5,999 on June 25.
Foreign investors still recorded net sales of IDR 201 billion, indicating that external pressure remains.
However, six prospective issuers from various sectors will still be listed on the Indonesia Stock Exchange in early July 2026:
1. PT Rans Entertainment Indonesia Tbk (RANS)– entertainment and content
2. PT Bach Multi Global Tbk (BACH)– consumer
3. PT Nitrasanata Dharma Tbk (JECX)– health (JEC Eye Hospitals & Clinics)
4. PT Esa Medika Mandiri Tbk (EMMI) - health
5. PT Prodia Diagnostic Line Tbk (PRDL)– laboratory diagnostics
6. PT Niramas Utama Tbk (JELI)– consumer
Read also:2026 IPO Stocks: 5 New Issuer Candidates for July, Healthcare Sector Dominates
Is This the Right Momentum for an IPO?
KISI Sekuritas Investment Specialist, Ahmad Faris Mu'tashim, assessed that the decision of the six companies to go ahead with their IPOs amidst market turmoil was still quite appropriate.
The reason: the pressure from the previous increase in oil prices has begun to subside, so that market conditions are gradually showing signs of stabilization.
Although volatility is still occurring, the JCI is believed to no longer form a lower low pattern technically.
This signals that the market is potentially entering a reversal phase, a momentum that issuers can capitalize on.
"The key consideration is that market conditions are at least starting to stabilize, allowing issuers to capitalize on potential market reversals," Faris said.
Read Also:List of Stocks with the Highest Dividend Yields in 2026
Investors' Focus: Underwriters and Use of Funds
Interestingly, investor interest in IPO shares is not solely determined by the condition of the JCI or the company's fundamentals.
The majority of investors pay more attention to the credibility of the underwriter and the clarity of the use of IPO proceeds.
"Looking at current investor behavior, it appears the majority of people prefer IPO shares based on the credibility of the underwriter and the allocation of IPO funds. As a result, market conditions and premium valuations are often undercut," Faris explained.
This is an important insight: amidst the volatile IHSG, credible underwriters are the main attraction for retail investors.
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One of Them: JECX Eye Hospitals & Clinics
One of the most interesting IPOs is that of PT Nitrasanata Dharma Tbk (JECX). JECX is the operator of the JEC Eye Hospitals & Clinics network, which has been operating since 1984, providing comprehensive ophthalmology services.
Currently operating 5 eye hospitals and 11 clinics in various regions of Indonesia.
JECX is affiliated with the Emtek Group (Sarana Meditama Metropolitan/SAME holds ~25% of the shares post-IPO).
Stock offering: 488 million shares (15% of issued capital), price Rp1,200 - Rp1,400 per share.
Funding potential:Rp585.6 billion – Rp683.2 billion. Underwriter: Trimegah Sekuritas Indonesia. Listing scheduled for July 7, 2026.
Read Also:What is PRDA Stock? A Healthcare Issuer with a 7% Dividend
JECX Financial Performance
JECX revenue grows steadily:
- 2023: Rp825.1 billion
- 2024: Rp887.7 billion (+8%)
- 2025: Rp926.8 billion (+4%)
Net profit:2023 Rp114.1 billion → 2024 Rp65 billion (-43%) → 2025 Rp73.8 billion (+13%).
Valuation: P/E 52,9x–61,7x, P/BV 3,1x–3,4x.
Use of funds:52.4% for working capital, 27.1% for subsidiaries, 20.5% to pay debts.
Conclusion
Six companies are still pursuing IPOs amidst the volatile JCI. Analysts believe the momentum is still right, as pressure is easing and the JCI has the potential for a reversal.
Investors focus more on the credibility of underwriters and the use of IPO funds than on market conditions.
RANS IPO and JECX IPO are the two most talked about.
An IPO amid a falling IHSG is not necessarily a bad thing, as long as the underwriter is credible and the business plan is clear.
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FAQ
What are the 6 hottest IPOs in June 2026?
RANS (entertainment), JECX (eye health), PRDL (diagnostics), JELI (consumer), BACH (consumer), EMMI (health).
When is JECX IPO?
Listing is scheduled for July 7, 2026. Public offering is scheduled for July 1–3, 2026.
What is the IPO price of JECX?
Rp1,200–Rp1,400 per share. Potential proceeds of Rp585.6–Rp683.2 billion.
What are investors focusing on amidst the volatile IHSG?
The credibility of the underwriter and the clarity of the use of IPO funds, not the condition of the JCI or the premium valuation.
Is the IPO momentum amidst the IHSG decline appropriate?
Analysts believe this is still appropriate because pressure is easing and the JCI has the potential to reverse.
Who is the underwriter of JECX?
Trimegah Securities Indonesia.
What is JECX's main business?
Operator of JEC Eye Hospitals & Clinics, a comprehensive ophthalmology service with 5 hospitals and 11 clinics.
Who are JECX affiliates?
Emtek Group (SAME holds ~25% stake post-IPO).
What is the allocation of JECX IPO funds?
52.4% working capital, 27.1% subsidiaries, 20.5% debt payments.
What is JECX's financial performance?
2025 revenue Rp926.8 billion, net profit Rp73.8 billion.
Disclaimer: The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment advice.
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