ANALISIS PERBANDINGAN KINERJA KEUANGAN SEBELUM DAN SESUDAH IPO PADA PT BANK MULTIARTA SENTOSA TBK, PT AVIA AVIAN TBK, DAN PT WIDODO MAKMUR PERKASA TBK

This study aims to analyze the comparison of financial performance before and after the Initial Public Offering (IPO) of PT Bank Multiarta Sentosa Tbk (MASB), PT Avia Avian Tbk (AVIA), and PT Widodo Makmur Perkasa Tbk (WMUU), which were listed on the Indonesia Stock Exchange in 2021. The research employed a quantitative method with a comparative descriptive approach using secondary data obtained from the companies’ annual financial statements. The observation period covered two years before the IPO (2019–2020) and two years after the IPO (2022–2023), while the year 2021 was excluded as it represented the transition period to becoming a publicly listed company. Financial performance was analyzed using the Economic Value Added (EVA) method through the calculation of Net Operating Profit After Tax (NOPAT), Invested Capital (IC), Weighted Average Cost of Capital (WACC), and Capital Charge (CC). The results indicate that there were differences in financial performance before and after the IPO among the three companies. PT Bank Multiarta Sentosa Tbk (MASB) and PT Avia Avian Tbk (AVIA) demonstrated an improvement in their ability to create economic value after the IPO, whereas PT Widodo Makmur Perkasa Tbk (WMUU) showed relatively fluctuating performance. The t-test results revealed t-values of 1.26 for MASB, 3.65 for AVIA, and 0.24 for WMUU. The findings suggest that a company’s ability to manage IPO proceeds, increase operating profits, and control capital costs plays an important role in creating economic value after an IPO.