The operator of Jakarta Eye Center, Indonesia's best-known eye-hospital network and a company backed by the media-and-digital conglomerate Emtek, is launching an initial public offering to raise up to 683 billion rupiah, about 38 million US dollars, in one of the larger healthcare listings of a busy year for the sector.
PT Nitrasanata Dharma, which trades as JEC Eye Hospitals and Clinics and will list under the ticker JECX, is offering about 487.98 million shares, equal to 15 percent of its enlarged capital. The bulk, some 325.3 million shares or 10 percent, are new shares issued by the company, while 162.7 million, or 5 percent, are existing shares being sold by Waldensius Girsang, a doctor and founding shareholder. The shares are priced at 1,200 to 1,400 rupiah each, which would raise between 585.6 billion and 683.2 billion rupiah. Bookbuilding runs through June 24, with the listing on the Indonesia Stock Exchange targeted for July 7. Trimegah Sekuritas is the underwriter.
A growing eye-care franchise
Founded in 1984 as a single Jakarta eye clinic, JEC has grown into a network of five specialist eye hospitals and 11 eye clinics across Indonesia, supported by 15 subsidiaries. Demand has risen steadily: patient visits reached 564,526 in 2025, up from about 485,000 two years earlier, while eye surgeries rose to 51,530. Revenue grew nearly 10 percent in 2025 to about 953 billion rupiah, net profit climbed about 16 percent to 72.45 billion rupiah, and total assets stood at 1.58 trillion rupiah. Surgery is the single biggest source of revenue at roughly half the total, followed by outpatient clinics and Lasik procedures.
The Emtek connection
The most notable feature of the deal is its strategic shareholder. Emtek, the conglomerate that owns the SCTV and Indosiar television networks and a large digital business, holds 28 percent of JEC through its hospital arm, Sarana Meditama Metropolitan, which operates the EMC Healthcare network. Sarana Meditama bought the stake in April 2022, and Emtek has described the investment as part of building out a healthcare ecosystem offering international-standard care. The relationship gives JEC potential synergies across hospital networks, health technology and access to funding.
It also makes JEC the second Emtek-linked company to come to market in this window, after the celebrity venture RANS Entertainment, both using the same underwriter, as the conglomerate seeks to turn its media, digital and healthcare bets into public-market value.
Where the money goes
Proceeds from the new shares, around 455 billion rupiah, are earmarked for early repayment of bank loans, with 49 billion rupiah going to Bank Central Asia and 100 billion rupiah to HSBC Indonesia, and 185 billion rupiah channeled to subsidiaries, including units in Bali and elsewhere. The remainder will fund working capital through the end of 2027. The roughly 228 billion rupiah raised from the divested shares goes to the selling shareholder rather than the company.
The controlling shareholder, Magna Selaras Lestari, has committed to retain control for 12 months after the listing, and the company plans to pay dividends of up to 50 percent of net profit.
A rich price in a busy field
At the offered range, JECX would be valued at roughly 3.9 trillion to 4.6 trillion rupiah, about 220 million to 260 million dollars, a premium of around 53 to 62 times trailing earnings and more than three times book value, leaving little room for disappointment. The prospectus flags the obvious vulnerability for a specialist provider: its reliance on the doctors and key medical staff who underpin service quality and growth.
The timing places JECX within a cluster of Indonesian healthcare IPOs this year, following diagnostics firm Prodia Diagnostic Line and alongside Esa Medika Mandiri, with the sector proving a relative bright spot even as the broader market stays weak, the benchmark index down about 29 percent in 2026.
For investors, JEC offers a profitable, expanding franchise in eye care, a structurally underserved area in a populous and aging country, at a price that already assumes much of that growth will come through. For Emtek, the listing is another step in converting its healthcare push into market value.
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