Analysis of Company Financial Performance in North Sulawesi Before and After Going Public (PT. Jobubu Jarum Minahasa Tbk. & PT. Minahasa Membangun Hebat Tbk.)

Abstract

In this thesis, the problem addressed is the comparison of the financial performance of companies in North Sulawesi before and after going public. The research aims to analyze the comparison of financial performance before and after the Initial Public Offering (IPO). A comparative quantitative method was applied to two issuers, PT. Jobubu Jarum Minahasa Tbk (BEER) and PT. Minahasa Membangun Hebat Tbk (HBAT), by analyzing audited financial statements from two years pre-IPO (2021-2022) and two years post-IPO (2023-2024). Data were analyzed using liquidity, solvency, profitability, and activity ratios, and tested with cline in profitability (ROE BEER -96%, NPM HBAT -47%) and activity efficiency (TAT BEER -74%, FAT HBAT -90%) in 2024. It was concluded that although the IPO successfully strengthened the capital structure and liquidity in the short term, it had no statistically significant impact and was instead followed by a weakening of operational performance, indicating challenges in optimally allocating IPO proceeds to drive revenue and profit growth

Keywords : Initial Public Offering (IPO), Financial Performance, Financial Ratios, North Sulawesi Companies