Financial Performance Analysis of Companies Before and After Initial Public Offering: A Study on Food and Beverage Subsector Companies Listed on the Indonesia Stock Exchange in 2022–2024

Abstract

This study aims to analyze the financial performance of companies before and after their Initial Public Offering (IPO) in the food and beverage sub-sector listed on the Indonesia Stock Exchange (IDX) for the period 2022–2024. An IPO is a strategy to obtain external funding, strengthen capital, and increase transparency. However, its impact on financial performance is not always significant in the short term. This study employs a quantitative approach using descriptive methods and difference tests. The sample consists of five companies with complete financial statements one year before and after the IPO. The variables analyzed include Current Ratio (CR), Debt to Equity Ratio (DER), Total Asset Turnover (TATO), Net Profit Margin (NPM), Return on Assets (ROA), and Return on Equity (ROE). Statistical tests were conducted using the Paired Sample T-Test and Wilcoxon Signed-Rank Test based on the results of data normality. The results of the study indicated that there were changes in ratio values after the IPO, but not all differences were significant. These findings indicate that an IPO does not necessarily guarantee an overall improvement in financial performance. This study provides theoretical and practical contributions to companies, investors, and researchers in post-IPO decision making and evaluation.