{"id":619,"date":"2026-05-07T04:28:51","date_gmt":"2026-05-07T04:28:51","guid":{"rendered":"https:\/\/bbs.binus.ac.id\/master-program\/?p=619"},"modified":"2026-05-07T04:30:12","modified_gmt":"2026-05-07T04:30:12","slug":"ipo-analysis-of-pt-caturkarda-depo-bangunan-tbk-depo","status":"publish","type":"post","link":"https:\/\/bbs.binus.ac.id\/master-program\/2026\/05\/07\/ipo-analysis-of-pt-caturkarda-depo-bangunan-tbk-depo\/","title":{"rendered":"IPO Analysis of PT Caturkarda Depo Bangunan Tbk (DEPO)"},"content":{"rendered":"

Rajendra Adyatama Waluyo<\/strong><\/p>\n

Binus Business School | Corporate Finance<\/p>\n

\n

PT CATURKARDA<\/span><\/b>\u00a0<\/span>DEPO BANGUNAN TBK<\/span><\/b>\u00a0<\/span>(DEPO)<\/span><\/b>\u00a0<\/span><\/p>\n

Analysis of Recent IPO Performance in Indonesia<\/span><\/i><\/p>\n

Listed: November 25,\u00a02021\u00a0 \u00b7\u00a0 Ticker:\u00a0DEPO\u00a0 \u00b7\u00a0 Indonesia Stock Exchange (IDX)<\/span><\/p>\n


\n<\/p>\n

SECTION I<\/span><\/span><\/span><\/p>\n

Introduction & Company Background<\/b><\/span><\/p>\n

\n

What Is an IPO and Why It Matters<\/span><\/b>\u00a0<\/span><\/p>\n

An Initial\u00a0Public Offering (IPO) is the process by which a private company first sells shares to the public through the stock exchange, transforming it into a public company (Tbk). Companies use IPOs to raise\u00a0large amounts\u00a0of capital \u2014 typically for business expansion, improving financial structure, resolving debt, and enhancing transparency and stakeholder reputation. In Indonesia, IPOs have become a crucial instrument for capital market development, as many issuers\u00a0utilise\u00a0them as an alternative funding source to bank loans (Kurnia,\u00a0Widaryanti, & Latifah, 2022).<\/span>\u00a0<\/span><\/p>\n

PT\u00a0Caturkarda\u00a0Depo\u00a0Bangunan\u00a0Tbk\u00a0(DEPO)<\/span><\/b>\u00a0<\/span><\/p>\n

Founded in 1996, PT\u00a0Caturkarda\u00a0Depo\u00a0Bangunan\u00a0Tbk\u00a0(DEPO) opened its first Depo\u00a0Bangunan\u00a0store in\u00a0Kalimalang, East Jakarta \u2014 which became the forerunner to a modern, one-stop shop chain for building materials. DEPO\u00a0operates\u00a0in the B2C retail sector, providing a variety of building materials for household needs and large-scale projects through a network of modern stores across Sumatra, Java, and Bali.<\/span>\u00a0<\/span><\/p>\n

DEPO’s growth is heavily influenced by the dynamics of the construction and property sectors, as well as consumer consumption patterns in home improvement and construction. The company built its reputation through a modern retail business model combining service, product availability, and a large-scale store experience. By end-2024, DEPO operated dozens of stores in major Indonesian cities, each designed to accommodate the full range of building material product categories.<\/span>\u00a0<\/span><\/p>\n

DEPO conducted its IPO and was officially listed on the IDX on November 25, 2021, under the ticker code DEPO on the main board. The company offered 1,024,000,000 new shares (approximately 15.08% of post-IPO capital) at IDR 482 per share, generating gross proceeds of\u00a0approximately IDR\u00a0493.5 billion and\u00a0an initial\u00a0market\u00a0capitalisation\u00a0of\u00a0approximately IDR\u00a03.27 trillion.<\/span><\/p>\n

SECTION II<\/span><\/span><\/span><\/p>\n

IPO Objectives & Amount Raised<\/b><\/span><\/p>\n

\n

Overview of the Offering<\/span><\/span><\/strong><\/p>\n

<\/p>\n

Strategic Objectives<\/span><\/b><\/p>\n

DEPO’s IPO was clearly designed to support business growth and operational strengthening \u2014 not for speculative purposes or mere short-term liquidity. The IPO proceeds were\u00a0allocated\u00a0across four key strategic needs: capital expenditures for store expansion, loan repayments to improve the balance sheet, investments in subsidiaries (primarily PT\u00a0Megadepo\u00a0Indonesia) for network development, and\u00a0additional\u00a0working capital to support smooth operations.<\/span>\u00a0<\/span><\/p>\n

This reflects the company’s sustainability focus on expanding its store network, increasing physical store capacity, and strengthening its balance sheet by reducing debt and increasing equity. Listing on the IDX also forces greater transparency through audited financial statements, regular disclosures, and regulatory oversight \u2014 enhancing investor, supplier, and banking partner confidence. DEPO’s management outlined a business strategy around infrastructure strengthening, store expansion, online channel development, and home product innovation, all supported by the IPO.<\/span><\/p>\n

<\/p>\n

SECTION III<\/span><\/span><\/span><\/p>\n

Use of IPO Proceeds: Was the Money Used Effectively?<\/span><\/span><\/strong><\/span><\/p>\n

\n

Absorption Rate & Disciplined Deployment<\/span><\/b>\u00a0<\/span><\/p>\n

Quantitatively, DEPO’s use of IPO proceeds can be considered highly effective. As of end-2024, the company had\u00a0utilised\u00a0the vast majority of its IPO proceeds, with remaining unused funds at only approximately IDR 3.416 billion \u2014 approximately 0.7% of total net funds. In fact, more recent public disclosures report the remaining balance at only around IDR 0.6 billion. This near-complete absorption rate\u00a0demonstrates\u00a0management’s disciplined implementation of the financing plan and prevents IPO funds from sitting idle in the treasury.<\/span>\u00a0<\/span><\/p>\n

Allocation by Category<\/span><\/b>\u00a0<\/span><\/p>\n

Investments in subsidiaries \u2014 primarily PT\u00a0Megadepo\u00a0Indonesia \u2014 accounted for the largest\u00a0portion,\u00a0approximately IDR\u00a0201.4 billion (41% of net proceeds).\u00a0Megadepo\u00a0used these funds for capital expenditures such as construction of new stores (for example, in\u00a0Rungkut, Surabaya) and increasing operational capacity, in direct alignment with the building\u00a0materials\u00a0retail network expansion strategy.<\/span><\/p>\n

Approximately IDR\u00a087.8 billion (18%) was used for DEPO’s own capital expenditures \u2014 new outlet openings and improvement of store facilities. IDR 41.1 billion (8%) went toward loan repayment, improving the balance sheet\u00a0structure\u00a0and lowering interest expenses. The\u00a0remaining\u00a0approximately IDR\u00a0157 billion (32\u201333%) was\u00a0allocated\u00a0to working capital, supporting smooth operations including building material inventory procurement and strengthening cash flow amidst fluctuating demand in the property and construction sectors.<\/span>\u00a0<\/span><\/p>\n

Impact on Financial Performance<\/span><\/b>\u00a0<\/span><\/p>\n

From a financial performance perspective, the use of IPO proceeds supports\u00a0positive growth, although it does not result in dramatic margin improvements. The 2024 financial report\u00a0shows\u00a0DEPO posted revenues of\u00a0approximately IDR\u00a02.8 trillion and a net profit of IDR 95.2 billion \u2014 an increase compared to the prior year. With remaining operating cash of\u00a0approximately IDR\u00a055.5 billion and total assets of\u00a0approximately IDR\u00a02.27 trillion, the balance sheet\u00a0indicates\u00a0the company\u00a0is able to\u00a0balance expansion and debt obligations, reflecting moderate and conservative use of IPO proceeds (Izfs\u00a0&\u00a0Supriatna, 2019).<\/span><\/p>\n

SECTION IV<\/span><\/span><\/span><\/p>\n

Post-IPO Financial Performance<\/span><\/span><\/strong><\/p>\n

\n

Revenue Growth<\/span><\/b>\u00a0<\/span><\/p>\n

In 2022, DEPO posted net sales revenue of\u00a0approximately IDR\u00a02.57 trillion \u2014 an increase of approximately 10.4% compared to the pre-IPO year, driven by store network expansion and improving demand in the construction and home improvement sectors. In 2023, revenue grew again to\u00a0approximately IDR\u00a02.68 trillion (+4.8% YoY),\u00a0demonstrating\u00a0continued business expansion despite tighter macroeconomic conditions. In 2024, revenue reached\u00a0approximately IDR\u00a02.82 trillion (+5.0% YoY). Over the three post-IPO years, DEPO’s revenue increased approximately 10% from 2022 to 2024.<\/span>\u00a0<\/span><\/p>\n

Profitability<\/span><\/b>\u00a0<\/span><\/p>\n

Net profit\u00a0exhibited\u00a0a fluctuating but overall positive pattern. In 2022, net profit reached\u00a0approximately IDR\u00a0103.4 billion (+18% YoY), with a net profit margin of approximately 4.0%. In 2023, net profit declined to\u00a0approximately IDR\u00a085.6 billion (net margin ~3.2%), driven by material cost pressures and increased finance costs. In 2024, profits rebounded to\u00a0approximately IDR\u00a095.2 billion (net margin ~3.4%),\u00a0maintaining\u00a0relatively stable\u00a0profitability at around 3\u20134% post-IPO. The EBITDA margin of approximately 5.1% in 2024 reflects that DEPO’s core operations\u00a0remain\u00a0efficient, although margin pressures have held back net profit growth\u00a0relative\u00a0to revenue.<\/span>\u00a0<\/span><\/p>\n

Balance Sheet & Financial Ratios<\/span><\/b>\u00a0<\/span><\/p>\n

Total assets at end-2024 were\u00a0approximately IDR\u00a02.27 trillion, with main components including inventory, accounts receivable, store network, and property\/buildings \u2014 reflecting the asset-intensive building materials retail model. The debt-to-equity ratio of approximately 0.74 in 2024\u00a0indicates\u00a0a conservative financial structure that\u00a0utilises\u00a0leverage moderately. ROA of approximately 4.19% and ROE of approximately 7.27%\u00a0indicate\u00a0adequate returns on assets and equity, though not exceptionally high. The company continues to pay cash dividends, reflecting positive operating cash flow generation.<\/span><\/p>\n

<\/p>\n

Overall, DEPO’s post-IPO financial performance in 2022\u20132024\u00a0<\/span>demonstrates<\/span>\u00a0that the company has successfully converted its IPO into\u00a0<\/span>a viable<\/span>\u00a0business growth tool, albeit with limited margin efficiency. Revenue increased gradually from\u00a0<\/span>approximately IDR<\/span>\u00a02.57 trillion in 2022 to IDR 2.82 trillion in 2024, while net profit ranged between IDR 85\u2013103 billion. The asset and liability structure\u00a0<\/span>demonstrates<\/span>\u00a0prudent use of leverage, keeping the debt ratio moderate, although bank loans\u00a0<\/span>remain<\/span>\u00a0the primary funding source alongside IPO equity proceeds.<\/span><\/p>\n

SECTION V<\/span><\/span><\/span><\/p>\n

Stock Price Movements<\/span><\/span><\/strong><\/span><\/p>\n

\n

IPO Debut: Explosive First-Day Surge<\/span><\/b>\u00a0<\/span><\/p>\n

DEPO’s share price movement after its IPO\u00a0exhibited\u00a0a classic pattern of highly enthusiastic debut followed by medium-term correction. DEPO shares were listed on the IDX on November 25, 2021, with an official offering price of IDR 482 per share. Just one day later, on November 26, 2021, DEPO shares reached\u00a0an initial\u00a0high of around IDR 746 \u2014 an increase of approximately 54.8% from the IPO price \u2014\u00a0demonstrating\u00a0intense retail investor euphoria surrounding Indonesia’s first listed building materials retailer (Izfs\u00a0&\u00a0Supriatna, 2019).<\/span>\u00a0<\/span><\/p>\n

Six-Month Correction<\/span><\/b>\u00a0<\/span><\/p>\n

A surge of approximately 50% in a matter of days reflects typical “overshoot”\u00a0behaviour\u00a0in early post-IPO trading, where speculators and early investors hunt for stocks perceived as having high potential. However, from a six-month post-IPO perspective, DEPO’s share price shows a consolidation trend with a slight decline. With DEPO listed on November 25, 2021, the Q2 2022 close serves as the six-month benchmark \u2014 with the closing price recorded at\u00a0approximately IDR\u00a0452 per share, below the IPO price of IDR 482.<\/span>\u00a0<\/span><\/p>\n

This means that despite a significant surge in\u00a0initial\u00a0days, the share price was unable to sustain the IPO level over the following six months. The secondary market gradually reassessed whether DEPO’s earnings performance, margins, and expansion\u00a0plans\u00a0truly justify the high\u00a0initial\u00a0price premium \u2014\u00a0ultimately concluding\u00a0they did not, at least in the near term (Nima, 2024).<\/span><\/p>\n

<\/p>\n

Interpretation<\/span><\/span><\/strong><\/p>\n

DEPO’s IPO price was\u00a0<\/span>likely underpriced<\/span>\u00a0(below confident intrinsic value), resulting in the\u00a0<\/span>initial<\/span>\u00a0surge as an upward price correction. However, once the euphoria subsided, the price re-adjusted to financial fundamentals, which only showed moderate growth. The pattern aligns with research on Indonesian IPO stock prices showing many stocks experience high\u00a0<\/span>initial<\/span>\u00a0positive returns in the first day or\u00a0<\/span>month, but<\/span>\u00a0then weaken or\u00a0<\/span>consolidate<\/span>\u00a0over the following 3\u20136 months (<\/span>Daeli<\/span>\u00a0&\u00a0<\/span>Julaecha<\/span>, 2026). DEPO’s six-month post-IPO performance can therefore be considered weak relative to its\u00a0<\/span>initial<\/span> debut level, despite healthy underlying business fundamentals.<\/span><\/span><\/p>\n

SECTION VI<\/span><\/span><\/span><\/p>\n

Decision Analysis: Would You Invest at the IPO?<\/strong><\/span><\/span><\/span><\/p>\n

\n

The Case\u00a0For\u00a0Investing<\/span><\/b>\u00a0<\/span><\/p>\n

Personally, I would consider investing in DEPO’s IPO, but with a medium- to long-term orientation, rather\u00a0than as\u00a0short-term speculation. DEPO’s IPO\u00a0objective\u00a0was\u00a0very clear\u00a0and practical: raising\u00a0approximately IDR\u00a0487.7 billion for capital expenditures, loan repayments, subsidiary investments, and\u00a0additional\u00a0working capital \u2014 directly\u00a0allocated\u00a0to strategic activities supporting store network expansion and balance sheet strengthening.<\/span>\u00a0<\/span><\/p>\n

The fact that\u00a0almost all\u00a0of the IPO proceeds were\u00a0utilised\u00a0(only approximately IDR 0.6\u20133.4 billion\u00a0remaining\u00a0by end-2024)\u00a0demonstrates\u00a0management’s disciplined use of financing funds \u2014 a positive signal for medium-term investors. From a business perspective, DEPO’s IPO supports tangible expansion and consistent sales growth. In the three post-IPO years (2022\u20132024), revenue increased from\u00a0approximately IDR\u00a02.57 trillion to IDR 2.82 trillion, with net profit\u00a0remaining\u00a0positive throughout. The opening of new stores and increased capacity through capital expenditures and PT\u00a0Megadepo\u00a0investments\u00a0demonstrate\u00a0that IPO proceeds have contributed meaningfully to physical infrastructure and market reach.<\/span><\/p>\n

Risks & Cautions<\/span><\/b>\u00a0<\/span><\/p>\n

However, investment decisions must remain cautious. First, profitability has not consistently increased \u2014 net profit margins hover around 3\u20134% and even declined from 2022 to 2023 before a partial recovery in 2024. Bottom-line performance has not kept pace with top-line growth. Second, debt and liabilities have increased with expansion: a debt-to-equity ratio of approximately 0.74 and pressure on the current ratio\u00a0indicates\u00a0more aggressive reliance on leverage and bank credit, posing risks if macroeconomic conditions or the construction sector weaken.<\/span>\u00a0<\/span><\/p>\n

Third, share price movements suggest that initial enthusiasm may have been overly optimistic. The IPO price of IDR 482 surged to around IDR 746 the following day, but six months later was already below the IPO price (~IDR 452 at Q2 2022 close) \u2014\u00a0demonstrating\u00a0that short-term speculative gains were not sustainable.<\/span><\/p>\n

<\/p>\n

SECTION VII<\/span><\/span><\/span><\/p>\n

Conclusion<\/span><\/span><\/strong><\/span><\/p>\n

\n

The IPO of PT\u00a0Caturkarda\u00a0Depo\u00a0Bangunan\u00a0Tbk\u00a0(DEPO) successfully raised\u00a0approximately IDR\u00a0487.7 billion in net proceeds, with a clear and practical\u00a0objective: supporting capital expenditures, subsidiary investments, increased working capital, and partial loan repayment.\u00a0The IPO proceeds were used strategically \u2014 with the vast majority disbursed as planned, leaving only approximately IDR 0.6\u20133.4 billion remaining by end-2024 \u2014 demonstrating a high absorption rate and disciplined implementation of the business plan.\u00a0This confirms that DEPO’s IPO is not simply a stock exchange listing transaction, but a crucial financing instrument for strengthening building\u00a0materials\u00a0retail infrastructure and accelerating store network expansion.<\/span>\u00a0<\/span><\/p>\n

Post-IPO financial performance from 2022 to 2024 shows an overall positive trend, particularly in consistent sales growth: revenue increased from\u00a0approximately IDR\u00a02.57 trillion in 2022 to IDR 2.82 trillion in 2024, with net profit\u00a0remaining\u00a0positive throughout, albeit fluctuating between IDR 85\u2013103 billion annually. This performance was accompanied by increasing liabilities and pressure on leverage ratios,\u00a0indicating\u00a0that the company’s growth was driven partly by increasing debt, not solely by equity support from the IPO. This combination reflects DEPO’s resilience and growth, but the company has not yet achieved exceptional performance (Mutasowifin, Ramadhan, & Viana, 2024).<\/span>\u00a0<\/span><\/p>\n

From a market perspective, DEPO shares had\u00a0a very strong\u00a0debut \u2014 soaring from IDR 482 to\u00a0approximately IDR\u00a0746 the following day (+54.8%) \u2014 reflecting intense\u00a0initial\u00a0investor enthusiasm. However, six months later, the share price was already below the IPO price (~IDR 452 at Q2 2022 close),\u00a0indicating\u00a0that short-term optimism was not fully sustainable. The stock’s strong\u00a0initial\u00a0performance but weakening in the medium term suggests the market is reassessing whether fundamentals and profitability justify the\u00a0initial\u00a0price premium. For medium- to long-term investors with realistic expectations, DEPO presents a disciplined, infrastructure-backed investment case with selective attractiveness.<\/span><\/p>\n

<\/p>\n

REFERENCES \u2014 DAFTAR PUSTAKA\u00a0<\/span><\/p>\n

Sources & Bibliography<\/b><\/span><\/p>\n

    \n
  • Nima, R. V. R. (2024). Studi Harga Saham Pasca IPO di BursaEfekIndonesia.\u00a0Jurnal\u00a0Akuntansi,\u00a0Keuangan, Dan Manajemen, 5(2), 149\u2013160. https:\/\/doi.org\/10.35912\/jakman.v5i2.3021<\/span>\u00a0<\/span><\/li>\n
  • Kurnia, A.,Widaryanti, W., & Latifah, N. (2022). Faktor\u2013Faktor YangMempengaruhi\u00a0Initial Return. Jurnal Ilmiah Fokus Ekonomi,\u00a0Manajemen,\u00a0Bisnis\u00a0&\u00a0Akuntansi\u00a0(EMBA), 1(1), 96\u2013104.<\/span>\u00a0<\/span><\/li>\n
  • PTCaturkardaDepo\u00a0Bangunan\u00a0Tbk. (2023). Laporan Keuangan\u00a0Konsolidasian\u00a030 Juni 2023 dan 31\u00a0Desember\u00a02022. corporate.depobangunan.co.id<\/span>\u00a0<\/span><\/li>\n
  • Izfs, R. D., &Supriatna, N. (2019).\u00a0Pengaruh\u00a0Initial Public Offering (IPO)\u00a0Terhadap\u00a0Kinerja Perusahaan.\u00a0Jurnal\u00a0Riset\u00a0Akuntansi\u00a0dan\u00a0Keuangan, 7(1), 19\u201328.<\/span>\u00a0<\/span><\/li>\n
  • Mutasowifin, A., Ramadhan, M. F., & Viana, E. D. (2024). Analysis of the Impact of Initial Public Offering on Financial Performance. JMBI UNSRAT, 11(1), 594\u2013608. https:\/\/doi.org\/10.35794\/jmbi.v11i1.54431<\/span><\/li>\n
  • Purnama, D. S., & LiniIngriyani, S. T. (2025).Apakah\u00a0Dana IPO Efektif Dalam Meningkatkan Kinerja\u00a0Keuangan? Seminar Nasional\u00a0Akuntansi\u00a0dan\u00a0Manajemen\u00a0PNJ, Vol. 6, No. 1.<\/span>\u00a0<\/span><\/li>\n
  • Fadhilah, A. N., Safari, N., & Utami, H. T. (2024).DinamikaE-IPO di Pasar Modal Indonesia. Journal of Management, Economics, and Entrepreneur, 3(1), 102\u2013113.<\/span>\u00a0<\/span><\/li>\n
  • Daeli, K. K., &Julaecha, H. E. (2026). Faktor\u00a0Terjadinya\u00a0Underpricing Saham Ketika Perusahaan IPO di Bursa\u00a0Efek\u00a0Indonesia.\u00a0Jurnal\u00a0Kecerdasan\u00a0Buatan\u00a0dan\u00a0Bisnis\u00a0Digital (RIGGS), 4(4). https:\/\/doi.org\/10.31004\/riggs.v4i4.5164<\/span><\/li>\n<\/ul>\n

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    <\/p>\n","protected":false},"excerpt":{"rendered":"

    Rajendra Adyatama Waluyo Binus Business School | Corporate Finance PT CATURKARDA\u00a0DEPO BANGUNAN TBK\u00a0(DEPO)\u00a0 Analysis of Recent IPO Performance in Indonesia Listed: November 25,\u00a02021\u00a0 \u00b7\u00a0 Ticker:\u00a0DEPO\u00a0 \u00b7\u00a0 Indonesia Stock Exchange (IDX) SECTION I Introduction & Company Background What Is an IPO and Why It Matters\u00a0 An Initial\u00a0Public Offering (IPO) is the process by which a private […]<\/p>\n","protected":false},"author":55,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-619","post","type-post","status-publish","format-standard","hentry","category-articles"],"_links":{"self":[{"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/posts\/619","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/users\/55"}],"replies":[{"embeddable":true,"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/comments?post=619"}],"version-history":[{"count":2,"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/posts\/619\/revisions"}],"predecessor-version":[{"id":634,"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/posts\/619\/revisions\/634"}],"wp:attachment":[{"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/media?parent=619"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/categories?post=619"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/tags?post=619"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}