Jakarta. Indonesia’s stock market is set for more listings in 2026, with eye-care operator Nitrasanata Dharma and consumer goods producer Niramas Utama planning initial public offerings (IPOs).

Nitrasanata Dharma, which operates Jakarta Eye Center, plans to raise as much as Rp 683.1 billion ($38.24 million) through a listing on the Indonesia Stock Exchange (IDX) under the ticker JECX.

According to its prospectus released Monday, the company will issue about 487.98 million new shares, equivalent to 15% of its enlarged issued and paid-up capital.

During the book-building phase, the company set an indicative price range of Rp 1,200 to Rp 1,400 per share.

Proceeds from the IPO, net of issuance costs, will be used mainly to strengthen the balance sheet and support intercompany funding.

Nitrasanata plans to allocate Rp 40 billion to partially repay bank debt at Bank Central Asia (BCA) and another Rp 100 billion to reduce obligations to HSBC Indonesia.

A further Rp 185 billion will be injected into subsidiaries to support expansion and working capital needs. This includes Rp 50 billion for Nitra Sanata Bali to fund lease payments, salaries and operating expenses, as well as support for units including Orbita and JEC Candi Sejahtera, both of which will also use funds to repay loans to BCA.

The remainder will be used for general corporate purposes, including payroll and day-to-day operating costs through 2027.

JECX said proceeds from secondary share sales by existing shareholders will go entirely to those shareholders, who will also bear related issuance costs.

Jelly-maker Niramas Aims to Raise Rp 392 billion
Separately, consumer food producer Niramas Utama, known for its Inaco brand, is preparing an IPO under the ticker JELI, targeting to raise as much as Rp 392 billion.

The company plans to allocate about 51.04% of proceeds to capital injections into subsidiary Niramas Pandaan Sejahtera to expand production capacity for gummy candy and jelly products amid rising domestic and export demand.

Another 18.36% will be used for capital expenditure, including machinery purchases to boost warehouse capacity and logistics efficiency.

JELI will allocate 10.63% of proceeds to repay part of its short-term working capital loans to Bank Mandiri, with total outstanding debt of about Rp 94 billion as of March 2026.

The remaining 19.97% will be used as working capital to support operations and growth.

The planned listings follow earlier IPO activity in Indonesia in 2026, including logistics firm  BSA Logistics Indonesia (WBSA), which raised about Rp 302.4 billion and used most of the proceeds to acquire a 70.3% stake in maritime logistics company Bermuda Inovasi Logistik, with the rest for working capital.

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