JEC Eye Hospitals Owner JECX Soars 24.8% in Indonesia IPO Debut as Investor Demand Surges

JAKARTA, Investortrust.id — Shares of PT Nitrasanata Dharma Tbk (JECX), operator of Indonesia's JEC Eye Hospitals & Clinics, jumped 24.8% to Rp1,560 on their trading debut Tuesday, immediately hitting the Indonesia Stock Exchange's daily upper price limit after attracting overwhelming investor demand during its initial public offering.

The strong debut came as Indonesia's benchmark Jakarta Composite Index also opened 0.30% higher, reflecting broadly positive sentiment across regional Asian equity markets.

JECX's blockbuster listing signals that investors remain eager to buy high-quality healthcare companies despite a relatively subdued IPO market in Indonesia.

The performance also highlights growing confidence in specialty healthcare providers that can capitalize on rising medical demand, an aging population, and Indonesia's ambition to develop a regional medical tourism industry.

Nitrasanata Dharma sold 487.98 million shares, representing 15% of its enlarged share capital, at Rp1,250 apiece.

The offering raised Rp609.98 billion ($38.4 million) and gave the company a market capitalization of approximately Rp4.07 trillion ($256 million) at listing.

Investor appetite far exceeded supply.

The IPO was 62.5 times oversubscribed in the retail centralized allocation, attracting orders from 555,699 investors, making it one of the strongest retail subscriptions seen in Indonesia this year.

"This IPO marks a strategic milestone in strengthening our capital structure and supporting JEC's long-term growth," President Director Dr. Johan A. M. M. Hutauruk said during the listing ceremony at the Indonesia Stock Exchange.

"We remain committed to our Care with Experience philosophy by delivering patient-centered eye care backed by decades of medical expertise," he added.

The company plans to allocate the proceeds toward partially repaying bank loans, funding subsidiary expansion, and supporting working capital requirements.

A major focus of its expansion strategy is the development of JEC Bali @ Sanur, a world-class eye hospital located inside Sanur Special Economic Zone, Indonesia's flagship medical tourism hub on the resort island of Bali.

The facility is expected to attract both domestic and international patients while strengthening Indonesia's position as a regional destination for specialized healthcare services.

Founded more than four decades ago, JEC currently operates five specialized eye hospitals and 11 clinics across Greater Jakarta, Central Java, East Java, Bali, and Sulawesi.

The successful debut followed strong financial growth over the past three years.

Revenue increased from Rp825.1 billion ($51.9 million) in 2023 to Rp926.8 billion ($58.3 million) in 2025, while net profit recovered to Rp70.6 billion ($4.4 million) after softening in 2024.

Industry prospects remain favorable.

Indonesia continues to face a shortage of ophthalmologists while millions of people suffer from preventable or treatable vision disorders. Rising diabetes rates, expanding private healthcare investment, and government support for medical tourism are expected to drive sustained demand for specialized eye care services over the coming years.

JECX was joined on Tuesday by PT Niramas Utama Tbk (JELI), the maker of Inaco jelly products, which also hit the exchange's daily upper trading limit after climbing 25% in its market debut. The dual rally underscores continued investor appetite for fundamentally strong new listings despite broader market volatility.