PT Nitrasanata Dharma, the operator of the Jakarta Eye Center (JEC) network, is seeking to raise up to 683.2 billion rupiah ($38.3 million) through an initial public offering as the eyecare specialist looks to capitalise on growing demand for healthcare services in Indonesia.
The company plans to offer 487.98 million shares at a price range of 1,200-1,400 rupiah apiece, according to its prospectus filed with the Indonesia Stock Exchange on Monday.
The offering consists of both newly issued shares and secondary shares sold by an existing shareholder, implying a deal size of up to 683.2 billion rupiah at the top end of the range.
Nitrasanata Dharma is scheduled to list on July 7 under the ticker JECX following a bookbuilding period from June 22-24. PT Trimegah Sekuritas Indonesia is acting as the sole lead underwriter for the transaction.
The company plans to use part of the IPO proceeds to reduce debt and strengthen its balance sheet. Around 140 billion rupiah will be used to partially repay loans from Bank Central Asia and HSBC Indonesia, while about 185 billion rupiah will be channelled to subsidiaries, including units developing operations in Bali and other regional markets. The remaining funds will be used for working capital and operational needs.
The planned listing comes amid a rare burst of healthcare IPO activity on the Indonesia Stock Exchange. Nitrasanata Dharma follows other healthcare companies, including PT Esa Medika Mandiri and PT Prodia Diagnostic Line, in launching IPO processes this month, with all three companies expected to begin trading within days of one another in early July.
While Prodia Diagnostic Line manufactures diagnostic products and Esa Medika distributes medical equipment, Nitrasanata Dharma operates one of Indonesia’s largest specialist eyecare networks, offering investors exposure to the healthcare services segment.
Founded as Klinik Mata Jakarta in Menteng in 1984 by four ophthalmologists, the business adopted the Jakarta Eye Center (JEC) brand in 1993 and has since grown into one of Indonesia’s best-known eyecare providers. The company was the first to introduce LASIK procedures in Indonesia in 1997 and became the country’s first eye hospital to join the World Association of Eye Hospitals in 2010, according to the prospectus.
A notable shareholder in Nitrasanata Dharma is PT Sarana Meditama Metropolitan Tbk, the Indonesia-listed hospital operator better known as OMNI Hospitals, which owns a 28% stake ahead of the IPO.
Today, the group operates five specialist eye hospitals and 11 clinics across major cities including Jakarta, Semarang, Surabaya, Makassar, Denpasar, Purwokerto, Bekasi, and Kendari. Its flagship JEC@Menteng hospital alone served nearly 73,000 patients and generated 214.8 billion rupiah in revenue in 2025.
The company’s scale is also reflected in its financial performance. Revenue rose to 977.4 billion rupiah ($54.8 million) in 2025 from 887.7 billion rupiah a year earlier and 825.1 billion rupiah in 2023. Net profit attributable to shareholders increased to 73.8 billion rupiah in 2025 from 65 billion rupiah in 2024.
Nitrasanata Dharma is also expanding beyond its traditional markets. The company is developing JEC Bali@Sanur within the Sanur Health Special Economic Zone, targeting Indonesia’s growing medical tourism market. The facility is expected to begin operations in 2027 and is projected to serve around 30,000 patient visits in its first year.
