Kopi Kenangan IPO: Serena Williams, Jay-Z-backed coffee chain eyes listing

Kopi Kenangan, the Indonesian java concatenation whose backers see tennis prima Serena Williams and hip-hop entrepreneur Jay-Z, has approached banks astir a imaginable IPO that could enactment its valuation astatine arsenic overmuch arsenic $1 billion, according to The Wall Street Journal.

The Journal described the IPO discussions arsenic preliminary, with nary banks yet formally appointed to pb the process. Singapore is connected the shortlist of imaginable listing locations, the paper reported.

Both Williams and Jay-Z came connected committee arsenic investors successful 2019, committing superior done Serena Ventures and Roc Nation respectively.

In an emailed statement, Junxian Li, Kopi Kenangan's vice president of firm concern and development, said the institution regularly evaluates "a scope of strategical and financing options" to enactment its enlargement and supply monetization opportunities for shareholders. "This includes regular dialog with fiscal institutions, investors, and advisers, which is simply a mean portion of moving a concern astatine our stage," Li said. The institution has not made immoderate decisions connected an IPO, including connected timing, location, oregon valuation, Li added.

Established successful 2017, the institution uses lone Indonesian-grown beans and has expanded its footprint crossed six countries, among them Singapore, Malaysia, India, and Australia. It presently has upward of 1,300 locations and is targeting astir 550 further openings done 2026.

Co-founder and Group Chief Executive Edward Tirtanata disclosed successful a January LinkedIn station that the company's 2025 nett gross climbed 45% twelvemonth implicit twelvemonth to $184 million, with nett net coming successful astatine $17 million. In the aforesaid post, Tirtanata stated that the institution "cannot hold for the IPO doorbell to ringing earlier starting to enactment similar a nationalist company," without providing immoderate specifics astir a imaginable listing.