{"id":692,"date":"2026-05-11T08:15:13","date_gmt":"2026-05-11T08:15:13","guid":{"rendered":"https:\/\/bbs.binus.ac.id\/master-program\/?p=692"},"modified":"2026-05-11T08:15:13","modified_gmt":"2026-05-11T08:15:13","slug":"cmry-ipo-performance-and-post-ipo-development-analysis","status":"publish","type":"post","link":"https:\/\/bbs.binus.ac.id\/master-program\/2026\/05\/11\/cmry-ipo-performance-and-post-ipo-development-analysis\/","title":{"rendered":"CMRY IPO Performance and Post-IPO Development Analysis"},"content":{"rendered":"

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]<\/p>\n

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    \n
  1. Introduction<\/b><\/span><\/li>\n<\/ol>\n
    \n

    Indonesia’s capital market growth and the rise of CMR<\/span><\/i><\/p>\n

    Indonesia’s capital market has grown significantly over the past decade, driven by better regulations, more investors participating, and companies seeking financing. The Indonesia Stock Exchange (IDX) has become a popular platform for companies to raise capital, improve liquidity, and gain greater visibility. As a result, more Initial Public Offerings (IPOs) have been launched, reflecting Indonesia’s economic development and a maturing financial system.<\/span><\/p>\n

    <\/p>\n

    CMRY operates in the premium dairy and processed food market. Its products include yogurt, milk-based drinks, and ready-to-eat foods. The company has a strong brand, focuses on quality, and has tapped into Indonesia’s growing middle-class demand \u2014 factors that helped it grow quickly before going public.<\/span><\/p>\n

    CMRY held its IPO on December 6, 2021. The IPO was well-received by investors, with high subscription levels and strong early stock performance. Investors were drawn to CMRY for several compelling reasons: steady revenue growth, high profitability, exposure to Indonesia’s robust consumer sector, and a clear focus on premium product expansion.<\/span><\/p>\n

    The IPO happened as the economy recovered from the pandemic, with consumer demand bouncing back. Investors preferred companies with strong fundamentals and defensive traits \u2014 making CMRY a highly attractive investment. Its business model, which combines repeat purchases with brand loyalty, makes it an ideal case study in Indonesian IPO performance.<\/span><\/p>\n

      \n
    1. IPO Objectives and Proceeds<\/b><\/span><\/li>\n<\/ol>\n
      \n

      What CMRY set out to achieve \u2014 and how much it raised<\/span><\/i><\/p>\n

      2.1 IPO Overview<\/span><\/b>\u00a0<\/span><\/p>\n

      CMRY raised\u00a0approximately IDR\u00a03.66 trillion through its IPO, offering around 1.19 billion shares \u2014 accounting for\u00a0roughly 15%\u00a0of its total issued shares. The IPO price was set at IDR 3,080 per share, giving the company a valuation higher than many of its peers.<\/span><\/p>\n

      <\/p>\n

        \n
      1. Use of IPO Proceeds<\/b><\/span><\/li>\n<\/ol>\n
        \n

        A strategic allocation that drove measurable results<\/span><\/i><\/p>\n

        CMRY’s IPO prospectus outlined a clear and disciplined allocation of raised funds, strategically aligned to support expansion and operational growth.<\/span><\/p>\n

        <\/p>\n

        Key Outcomes of Fund Deployment<\/span><\/b><\/p>\n

          \n
        • Successfully increased production capacity \u2014 especially for high-demand products like yogurt and dairy drinks, reflected in growing sales volumes post-IPO.<\/span><\/li>\n<\/ul>\n
            \n
          • Expanded market presence beyond major cities into smaller towns, making products more accessible and building wider reach.<\/span><\/li>\n<\/ul>\n
              \n
            • Continued product innovation \u2014 new variants and ready-to-eat lines were launched,\u00a0demonstrating\u00a0effective diversification.<\/span><\/li>\n<\/ul>\n
                \n
              • Clear link between fund\u00a0use\u00a0and financial performance: revenue grew steadily in the years following the IPO.<\/span><\/li>\n<\/ul>\n

                Overall, CMRY largely achieved its IPO goals. It increased production capacity, maintained strong revenue growth, and strengthened its brand in the premium FMCG segment. However, rising input costs \u2014 especially for raw materials and logistics \u2014 have put pressure on profit margins, signaling that efficiency and cost management remain areas of focus.<\/span><\/p>\n

                  \n
                1. Post-IPO Financial Performance (2021\u20132025)<\/b><\/span><\/li>\n<\/ol>\n
                  \n

                  Trend analysis across revenue and profitability<\/span><\/i>\u00a0<\/span><\/p>\n

                  4.1 Revenue Trend Analysis<\/span><\/b>\u00a0<\/span><\/p>\n

                  CMRY’s revenue grew strongly and steadily after its IPO. From\u00a0approximately IDR\u00a04.0 trillion in 2021, revenue climbed to IDR 9.0 trillion by 2024 \u2014 more than a twofold increase in just three years. This rapid growth reflects the immediate impact of IPO funds: expanded production and improved distribution directly translated into top-line gains.<\/span><\/p>\n

                  * Net profit 2025 projection based on IDN Financials data. Source: PT\u00a0Cisarua\u00a0Mountain Dairy\u00a0Tbk\u00a0Annual Reports 2021\u20132024.<\/span><\/i><\/p>\n

                  4.2 Profit Growth Analysis<\/span><\/b><\/p>\n

                  In addition to strong revenue growth, CMRY’s profitability improved significantly. Net profit rose from\u00a0approximately IDR\u00a01.06 trillion in 2022 to IDR 2.03 trillion in 2025 \u2014 a remarkable earnings trajectory over\u00a0a short period.<\/span><\/p>\n

                  Notably, net profit grew faster than revenue, signaling improved operational efficiency. This was driven by economies of scale (higher production volumes reducing per-unit costs), better cost management, and optimized resource allocation. CMRY maintained and even improved profit margins during expansion \u2014 particularly impressive in the intensely competitive FMCG industry.<\/span><\/p>\n

                  <\/p>\n

                  4.3 Risk Implications<\/span><\/b><\/p>\n

                  Despite strong overall performance, the trend analysis highlights potential risks going forward:<\/span><\/p>\n

                    \n
                  • Slight growth slowdown after 2023 may signal market saturation in certain segments, making sustained high growth more challenging.<\/span><\/li>\n<\/ul>\n
                      \n
                    • While profit growth has been strong, external factors such as rising raw material costs (e.g., milk prices), higher\u00a0logistics\u00a0expenses, and inflation could compress margins if not carefully managed.<\/span><\/li>\n<\/ul>\n
                        \n
                      • As the company matures, competitive pressure from both domestic and international FMCG players could\u00a0impact\u00a0market share and pricing power.<\/span><\/li>\n<\/ul>\n
                          \n
                        1. Stock Price Analysis<\/b><\/span><\/li>\n<\/ol>\n
                          \n

                          Three phases of post-IPO market behavior<\/span><\/i>\u00a0<\/span><\/p>\n

                          CMRY’s IPO price was IDR 3,080 per share. The market responded positively right away \u2014 within the first six\u00a0months,\u00a0the stock surged to levels above IDR 5,000\u20136,000, a significant premium over the listing price.<\/span><\/p>\n

                          <\/p>\n

                          This pattern is typical for high-growth IPO stocks, where early optimism often leads to temporary overvaluation. As post-IPO financial data became available, investors reassessed CMRY’s value based on actual results rather than expectations. Over time, the stock continued to attract investors, supported by strong fundamentals and consistent execution.<\/span><\/p>\n

                          The key takeaway: CMRY’s stock price journey underscores the importance of distinguishing between short-term market sentiment and long-term intrinsic value when evaluating IPO investments.<\/span><\/p>\n

                            \n
                          1. Investment Decision Analysis<\/b><\/span><\/li>\n<\/ol>\n
                            \n

                            Balancing growth potential against valuation risk<\/span><\/i><\/p>\n

                            If given the opportunity to invest in CMRY’s IPO, a balanced approach would weigh both the strong investment thesis and the inherent risks of a premium-priced growth stock.<\/span><\/p>\n

                            The Bull Case for CMRY<\/span><\/b>\u00a0<\/span><\/p>\n

                              \n
                            • Stable FMCG sector demand, supported by Indonesia’s large and growing population.<\/span><\/li>\n<\/ul>\n
                                \n
                              • Strong brand recognition through\u00a0Cimory, driving customer loyalty and pricing power in the premium dairy segment.<\/span><\/li>\n<\/ul>\n
                                  \n
                                • Indonesia’s low per capita dairy consumption\u00a0relative\u00a0to global standards provides significant room for market expansion.<\/span><\/li>\n<\/ul>\n
                                    \n
                                  • Solid pre-IPO financials\u00a0demonstrated\u00a0a scalable, profitable business model before any public capital was deployed.<\/span><\/li>\n<\/ul>\n

                                    Key Risks to Monitor<\/span><\/b>\u00a0<\/span><\/p>\n

                                      \n
                                    • Relatively high\u00a0IPO valuation left\u00a0limited\u00a0margin of safety, with growth expectations already priced in.<\/span><\/li>\n<\/ul>\n
                                        \n
                                      • IPO stocks are historically volatile in the short term, with price corrections common after\u00a0initial\u00a0enthusiasm fades.<\/span><\/li>\n<\/ul>\n
                                          \n
                                        • Rising raw material and\u00a0logistics\u00a0costs could compress profit margins, particularly as the company scales.<\/span><\/li>\n<\/ul>\n

                                          <\/p>\n

                                            \n
                                          1. Conclusion<\/b><\/span><\/li>\n<\/ol>\n
                                            \n

                                            A benchmark IPO case in Indonesia’s evolving capital market<\/span><\/i><\/p>\n

                                            CMRY\u00a0represents\u00a0a successful IPO in Indonesia’s capital market. The company deployed its IPO proceeds effectively \u2014 expanding operations, strengthening distribution, and innovating its product portfolio. Post-IPO, it delivered strong and consistent financial results, with revenue more than doubling and net profit growing even faster.<\/span><\/p>\n

                                            Its stock price followed a classic high-growth IPO trajectory: an early surge driven by enthusiasm, a correction as the market recalibrated, and eventual stabilization supported by solid fundamentals. For long-term investors, CMRY offers attractive growth potential in Indonesia’s underpenetrated premium dairy segment.<\/span><\/p>\n

                                            Investors must remain mindful of valuation risks and external cost pressures, but on balance, CMRY stands as a high-quality IPO with strong execution \u2014 and a compelling case study in how a consumer brand can\u00a0leverage\u00a0public markets to accelerate sustainable, profitable growth.<\/span><\/p>\n

                                            \n

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

                                            Euromonitor International. (2022). Dairy products in Indonesia.<\/span>\u00a0<\/span><\/p>\n

                                            PT\u00a0Cisarua\u00a0Mountain Dairy\u00a0Tbk. (2021). Prospectus: Initial public offering. Indonesia Stock Exchange.<\/span>\u00a0<\/span><\/p>\n

                                            PT\u00a0Cisarua\u00a0Mountain Dairy\u00a0Tbk. (2023). Annual report 2022.<\/span>\u00a0<\/span><\/p>\n

                                            PT\u00a0Cisarua\u00a0Mountain Dairy\u00a0Tbk. (2024). Annual report 2023.<\/span>\u00a0<\/span><\/p>\n

                                            PT\u00a0Cisarua\u00a0Mountain Dairy\u00a0Tbk. (2025). Annual report 2024.<\/span>\u00a0<\/span><\/p>\n

                                            Ritter, J. R. (1991). The long-run performance of\u00a0initial\u00a0public offerings.\u00a0The Journal of Finance, 46(1), 3\u201327.<\/span>\u00a0<\/span><\/p>\n

                                            World Bank. (2023). Indonesia economic outlook.<\/span>\u00a0<\/span><\/p>\n

                                            IDN Financials. (2025). CMRY financial data.<\/span><\/p>\n

                                            <\/p>\n

                                            MM Pro Business\u00a0<\/span>School\u00a0<\/span>\u00b7<\/span>\u00a0 Global<\/span>\u00a0Academic\u00a0<\/span>Community\u00a0<\/span>\u00b7<\/span> Where<\/span> Leaders Are Made<\/span><\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

                                            ] Introduction Indonesia’s capital market growth and the rise of CMR Indonesia’s capital market has grown significantly over the past decade, driven by better regulations, more investors participating, and companies seeking financing. The Indonesia Stock Exchange (IDX) has become a popular platform for companies to raise capital, improve liquidity, and gain greater visibility. As a […]<\/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-692","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\/692","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=692"}],"version-history":[{"count":1,"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/posts\/692\/revisions"}],"predecessor-version":[{"id":707,"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/posts\/692\/revisions\/707"}],"wp:attachment":[{"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/media?parent=692"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/categories?post=692"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/tags?post=692"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}