<![CDATA[This study aims to analyze the financial performance of food and beverage companies before and after conducting an Initial Public Offering (IPO) in 2023. Financial performance was analyzed using the Current Ratio (CR), Debt to Asset Ratio (DAR), Total Asset Turnover (TATO), and Return on Assets (ROA). This study employed a quantitative descriptive method with a case study approach. The sample was determined using a saturated sampling technique, resulting in eight food and beverage companies that conducted an IPO in 2023. The data used were secondary data obtained from the companies' financial statements for 2022 (before IPO) and 2024 (after IPO), analyzed using financial ratio analysis. The results indicate that after the IPO, the Current Ratio and Debt to Asset Ratio improved only for some companies, while others remained in the fairly good or poor category. For the Total Asset Turnover ratio, no company achieved a good or very good category after the IPO, indicating that asset utilization effectiveness remained relatively low. Meanwhile, for the Return on Assets ratio, one company achieved a very good category, two companies were in the good category, one company was in the fairly good category, and four companies remained in the poor category. It can therefore be concluded that the IPO has not been able to comprehensively improve company financial performance across all the ratios analyzed.]]>
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