An Indonesian grab-and-go coffee chain that counts tennis star Serena Williams and rapper Jay-Z among its investors is in preliminary discussions with banks regarding a potential initial public offering that could value the company at up to US$1 billion.
Kopi Kenangan, founded in 2017, sources all its coffee beans locally in Indonesia. The company has initiated early-stage talks with multiple investment banks to explore a listing, according to people familiar with the matter.
The sources indicated that the IPO plans are still in the formative stages, with details such as the timing, fundraising size, and even the listing location yet to be finalized. Singapore is being considered as one of the potential venues for the listing. No banks have been formally appointed to lead the offering at this time.
In an emailed statement, the company's Vice President of Corporate Finance and Development, James Prananto, stated that the firm continually evaluates various strategic and financing options to support its store expansion and provide liquidity opportunities for shareholders.
"Regular communication with financial institutions, investors, and advisors is part of our normal course of business at this stage," he said, adding that no decisions have been made regarding an IPO, and its timing, location, or valuation target remain undetermined.
Kopi Kenangan operates in six countries, including Indonesia, Singapore, Malaysia, India, and Australia. The group's co-founder and CEO, Edward Tirtanata, posted on LinkedIn in January that the company's net revenue for 2025 grew 45% year-over-year to US$184 million, with a net profit of US$17 million.
The brand boasts over 1,300 stores globally and plans to add approximately 550 new outlets in 2026. Tirtanata also noted that the company operates with the discipline of a public company even without being listed, though he did not provide specifics on any potential offering.
Celebrity Investment Backing
Tennis champion Serena Williams and hip-hop mogul Jay-Z invested in the coffee chain in 2019 through their respective investment vehicles, Serena Ventures and Roc Nation.
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