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VANESS CHRISTOPHER SANTOSO<\/b><\/p>\nVANESS CHRISTOPHER SANTOSO<\/b><\/p>\n
2602627376\u00a0 \u00b7\u00a0 Binus Business School<\/span><\/p>\n Corporate Finance\u00a0 \u00b7\u00a0 IPO Analysis<\/span><\/i><\/p>\n PT TRIPAR MULTIVISION <\/b>PLUS TBK <\/b>(RAAM)<\/b><\/p>\n IPO Analysis: Hype, Headwinds, and the Path to Profitability<\/span><\/i><\/p>\n IPO Date: April 28, 2023\u00a0 \u00b7\u00a0 Ticker: RAAM\u00a0 \u00b7\u00a0 Indonesia Stock Exchange (IDX)<\/span><\/p>\n SECTION I<\/span><\/p>\n Indonesia’s Media & Entertainment Boom<\/b><\/p>\n In 2023, Indonesia’s media and entertainment industry experienced strong growth driven by the booming local film sector, digital adoption, and increased advertising expenditure. Subscription Video on Demand (SVOD) also saw rapid growth, with local content acting as a key driver. Indonesian films dominated the domestic box office, and the number of OTT service users surged significantly.<\/span><\/p>\n Based on PricewaterhouseCoopers (2025) data, Indonesian films successfully dominated the domestic market with a market share reaching 65% in 2023. A new record was also set: approximately 20 Indonesian titles each surpassed 1 million viewers. Throughout 2023, the total number of Indonesian cinema viewers reached approximately 55 to 60 million people (Warta Kota Production, 2025). Feature film production hit a record of 565 titles in 2023, with horror remaining the genre most appreciated by Indonesian audiences (Kompas, 2023).<\/span><\/p>\n PT Tripar Multivision Plus Tbk (RAAM)<\/b><\/p>\n Founded by Ram Punjabi in 1990, PT Tripar Multivision Plus Tbk (RAAM) is a leading entertainment company operating as a production house for movies, soap operas, and web series. Beyond production, the company distributes content, operates the Platinum Cineplex cinema chain, and runs free-to-air TV channels. Ram Punjabi has been in the industry for over 52 years, producing 225 movies and 25,000 hours of television programming. The company’s strategic goal is to expand its digital footprint and strengthen its presence in ASEAN countries, Taiwan, and Russia.<\/span><\/p>\n On April 28, 2023, PT Tripar Multivision Plus Tbk conducted its Initial Public Offering at IDR 234 per share, with PT UOB Kay Hian Sekuritas and PT Sucor Sekuritas as underwriters. The IPO raised capital for working capital \u2014 including financing film productions, web series, and soap operas \u2014 alongside marketing activities and the development of the cinema business through its subsidiary PT Platinum Sinema. This essay examines the company’s IPO objectives, use of proceeds, financial performance, stock price movement, and investment attractiveness.<\/span><\/p>\n SECTION II<\/span><\/p>\n IPO Objectives & Background<\/b><\/span><\/p>\n Offering Overview<\/b><\/p>\n Strategic Rationale<\/b><\/p>\n The rise of digital streaming platforms and rising demand for local content have propelled Indonesia’s media and entertainment sector. RAAM’s decision to go public in 2023 was a strategic move to capitalise on this favourable industry backdrop \u2014 boosting its financial position, increasing content production capacity, and scaling both its primary entertainment business and its cinema subsidiary, PT Platinum Sinema.<\/span><\/p>\n The 88.01\u00d7 oversubscription demonstrates the exceptional market enthusiasm surrounding the IPO \u2014 investors recognised RAAM’s potential as a pure-play Indonesian entertainment company at a time when domestic content demand was at a record high. Importantly, the IPO proceeds were directed entirely toward operational and strategic growth purposes, not debt restructuring, reflecting management’s growth-first mindset.<\/span><\/p>\n SECTION III<\/span><\/p>\n Use of IPO Proceeds<\/b><\/span><\/p>\n Allocation & Deployment<\/b><\/p>\n RAAM raised over IDR 217 billion from the public through its IPO. The deployment was clear and strategically aligned: approximately 81.6% was allocated for working capital \u2014 covering the creation of films, web series, and television programmes, alongside marketing and distribution expenses. The remaining 18.4% was directed toward capital expenditures for the development and expansion of cinema operations through PT Platinum Sinema, including new theater locations such as in Kebumen, Jawa.<\/span><\/p>\n Effectiveness & Strategic Alignment<\/b><\/p>\n The company’s revenue-generating endeavours closely correspond with the usage of IPO proceeds. Revenue in the media and entertainment industry is heavily reliant on content creation and delivery \u2014 investing in production and marketing directly raises output and revenue potential. Meanwhile, investments in cinema infrastructure (PT Platinum Sinema) promote long-term growth by increasing audience reach and distribution channels for RAAM’s own content.<\/span><\/p>\n From an analytical standpoint, RAAM’s allocation is strategically sound. The emphasis on working capital reflects the film industry’s need for ongoing funding for content generation. The investment in auxiliary cinema operations demonstrates a forward-thinking strategy for vertical integration \u2014 owning both the content and the screens on which it plays. According to public disclosures, RAAM had already utilised all of its IPO proceeds by 2024, demonstrating rapid and purposeful deployment rather than idle cash retention (TRIPAR MULTIVISION [RAAM] SUDAH GUNAKAN SEMUA DANA IPO, 2024).<\/span><\/p>\n SECTION IV<\/span><\/p>\n Post-IPO Financial Performance<\/b><\/span><\/p>\n RAAM’s financial performance following the IPO has been inconsistent, reflecting both the capital-intensive nature of the media industry and the inherent unpredictability of content-driven revenue. The company’s financial trajectory since the IPO can be characterised as a transition from early optimism to ongoing investment-phase pressure.<\/span><\/p>\n FY2023: Mixed Signals Post-IPO<\/b><\/p>\n By Q3 2023, RAAM’s net profit had dropped by 33.9% year-over-year \u2014 but the company remained hopeful about growing its output of films and web series. For the full year 2023, revenue came in at approximately IDR 339.3 billion, with a net profit of approximately IDR 103 billion. While the initial oversubscription and strong market entry created positive momentum, the content-reliant business model meant financial results were closely tied to the timing and performance of individual releases.<\/span><\/p>\n FY2024: Pressure Intensifies<\/b><\/p>\n Revenue declined dramatically to approximately IDR 229.3 billion in 2024 \u2014 a drop of more than 30% year-over-year \u2014 reflecting the nature of the media sector where revenue is more dependent on the performance and timing of content releases than on recurring income. This revenue decline was accompanied by a significant deterioration in profitability: RAAM reported a net loss of approximately IDR 178.8 billion in 2024, reversing the IDR 103 billion profit of the prior year (IPOT News, 2024).<\/span><\/p>\n The primary causes were rising manufacturing and operating expenses as the business expanded post-IPO, combined with the inherent unpredictability of content market performance. Companies in the film and entertainment industries frequently make large upfront investments, and returns are contingent upon how well each project performs commercially.<\/span><\/p>\n Efficiency Improvements & Investment Phase<\/b><\/p>\n Despite the financial pressure, there are clear indications that the business has been improving its operational efficiency. Reports indicate RAAM was able to substantially reduce its net losses during specific reporting periods, demonstrating improved cost control and more prudent resource management (Kontan, 2025). In the first nine months of 2025, net sales of IDR 145.4 billion reflected a 12.8% year-over-year decline, but the net loss was cut by more than 80% compared to the prior year \u2014 a significant signal of efficiency improvement.<\/span><\/p>\n RAAM is presently in an investment phase. Although cash reserves have declined while liabilities and total assets grew \u2014 reflecting active reinvestment into content pipelines and cinema expansion \u2014 this trajectory is typical in media companies that must build a solid content library before achieving stable profitability. The crucial question is whether these investments will ultimately result in greater and more consistent future revenue.<\/span><\/p>\n SECTION V<\/span><\/p>\n Post-IPO Surge and Initial Euphoria<\/b><\/p>\n Based on data from IDN Financials (2026), RAAM’s stock price showed a dramatic initial surge following the IPO. The offering price of IDR 234 was quickly surpassed, with the stock reaching the IDR 600\u2013700 range in the early post-listing period. This reflects the overwhelming investor optimism at the time \u2014 driven by the 88\u00d7 oversubscription, the favourable industry backdrop, and strong momentum around Indonesian entertainment content.<\/span><\/p>\n Medium-Term Decline<\/b><\/p>\n The initial momentum proved short-lived. The stock began declining in 2024, with an overall downward trajectory interrupted by several brief rebounds. Investor confidence waned as the company’s financial performance fell short of prior expectations \u2014 the decline in revenue and the swing from profit to net loss in 2024 weighed heavily on market sentiment. The inherent uncertainty of the film and entertainment business \u2014 where success is project-by-project \u2014 amplified this volatility.<\/span><\/p>\n By 2025, the stock had settled into a lower range of approximately IDR 200\u2013300, with a brief period of extremely low prices before a partial recovery. This illustrates how volatile and unpredictable the stock became as the company’s post-IPO financial trajectory diverged from early investor expectations. The general downward trend reflects the market’s gradual reassessment of RAAM’s near-term financial performance and profitability timeline.<\/span><\/p>\n SECTION VI<\/span><\/p>\n Short-Term Opportunity<\/b><\/p>\n The choice to invest in RAAM during its IPO would depend primarily on the investor’s time horizon and risk tolerance. When the company went public in 2023, it appeared to be a desirable investment: Indonesia’s media and entertainment sector was expanding rapidly due to rising demand for local content and record cinema attendance. The 88.01\u00d7 oversubscription demonstrated exceptional market demand and strongly positive initial sentiment (Kontan, 2024).<\/span><\/p>\n The stock’s post-IPO price movement confirms that early investors had a clear opportunity. From the initial offering price of IDR 234, the share price surged dramatically to the IDR 600\u2013700 range \u2014 suggesting that short-term traders who made appropriate exits earned significant returns in a very brief window. From this perspective, investing at the IPO was a wise decision for short-horizon, momentum-oriented investors.<\/span><\/p>\n Long-Term Challenges<\/b><\/p>\n However, for longer-term holders, the picture is considerably more complex. The financial performance analysis shows that following the IPO, RAAM experienced a drop in revenue and a transition from profitability to net loss. The stock price then followed, declining significantly as the market adjusted its expectations to reflect the company’s softer financial performance. Longer-term investors who held the stock would have likely experienced a notable decline in portfolio value.<\/span><\/p>\n RAAM is currently in an investment and expansion phase \u2014 actively deploying its IPO proceeds into content production and cinema expansion rather than optimising for near-term profitability. While this strategy may have a detrimental short-term impact, it is a recognised pattern in the media sector, where companies must build a robust content pipeline before achieving steady earnings. The critical question is whether management can successfully convert these investments into consistent future revenue.<\/span><\/p>\n SECTION VII<\/span><\/p>\n The IPO of PT Tripar Multivision Plus Tbk (RAAM) illustrates both the opportunities and the challenges of investing in a media and entertainment company in the midst of an expansion phase. Through its IPO, the company successfully raised over IDR 217 billion and deployed it in alignment with its strategic goals \u2014 81.6% into content production and marketing, 18.4% into cinema infrastructure via PT Platinum Sinema. All proceeds were fully utilised, demonstrating disciplined and purposeful deployment.<\/span><\/p>\n The impact of these investments has not yet fully materialised in financial terms. Revenue declined dramatically from IDR 339.3 billion in 2023 to IDR 229.3 billion in 2024, and the company swung from a net profit of IDR 103 billion to a net loss of IDR 178.8 billion. However, efficiency improvements visible in 2025 \u2014 with the net loss cut by more than 80% \u2014 suggest that the management is adapting its cost structure and operational approach, even while investing aggressively in long-term capabilities.<\/span><\/p>\n The stock price chart tells a parallel story: early euphoria driven by 88\u00d7 oversubscription and a surge to IDR 600\u2013700, followed by a gradual decline as financial performance disappointed initial expectations, settling into a IDR 200\u2013300 range. RAAM’s post-IPO path is best understood as a transitional phase rather than a definitive outcome. The company has taken meaningful steps toward expansion; whether the strategy ultimately succeeds will depend on its ability to convert content investments into consistent, growing revenue \u2014 and the upcoming years will be the defining test.<\/span><\/p>\n REFERENCES<\/span><\/p>\n YOUR NEXT STEP\u00a0<\/span><\/p>\n Join MM Pro<\/b>\u00a0<\/span><\/p>\n Binus Business School<\/b>\u00a0<\/span><\/p>\n Be Part of a Global Academic Community<\/span><\/i><\/p>\n Sharpen your\u00a0<\/span>business acumen<\/span><\/b>, expand your\u00a0<\/span>global network<\/span><\/b>, and lead with confidence<\/span>\u00a0<\/span>in the world’s most dynamic markets.<\/span><\/p>\n VANESS CHRISTOPHER SANTOSO 2602627376\u00a0 \u00b7\u00a0 Binus Business School Corporate Finance\u00a0 \u00b7\u00a0 IPO Analysis PT TRIPAR MULTIVISION PLUS TBK (RAAM) IPO Analysis: Hype, Headwinds, and the Path to Profitability IPO Date: April 28, 2023\u00a0 \u00b7\u00a0 Ticker: RAAM\u00a0 \u00b7\u00a0 Indonesia Stock Exchange (IDX) SECTION I Introduction & Industry Context Indonesia’s Media & Entertainment Boom In 2023, Indonesia’s […]<\/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-635","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\/635","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=635"}],"version-history":[{"count":1,"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/posts\/635\/revisions"}],"predecessor-version":[{"id":650,"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/posts\/635\/revisions\/650"}],"wp:attachment":[{"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/media?parent=635"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/categories?post=635"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/tags?post=635"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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<\/p>\nIntroduction & Industry Context<\/b><\/span><\/h1>\n
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<\/p>\nStock Price Performance<\/b><\/h1>\n
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RAAM Stock Price Movement (2023\u20132026). Source: IDN Financials<\/span><\/i><\/p>\n![](\"http:\/\/bbs.binus.ac.id\/master-program\/wp-content\/uploads\/sites\/23\/2026\/05\/Screenshot-2026-05-07-at-13.37.37.png\")
<\/p>\nInvestment Decision Analysis<\/b><\/h1>\n
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<\/p>\nConclusion<\/b><\/h1>\n
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<\/p>\nSources & Bibliography<\/b><\/h1>\n
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