INACO Jelly Maker JELI Sets IPO Schedule, Aims to Expand Dessert Empire

In mid-2026, the Indonesian stock market will welcome a new listed company to the Indonesia Stock Exchange: the maker of the INACO brand of jelly, a staple snack during the Lebaran holiday. Like most companies going public, JELI is undertaking this corporate action as a form of business expansion. The issuer of JELI shares is PT Niramas Utama Tbk., headquartered in Bekasi. The company was originally founded in 1990 as PT Nata Sari Raya. To date, it operates four factories located in Bekasi, Pandaan, Sukabumi, and Pontianak. JELI operates in the food and beverage industry, specifically in the dessert segment. Its best-selling product brands include Nata de Coco in various flavours, mini jelly, pudding, and ready-to-drink beverages such as I’m Coco and Jelly Drink. All products manufactured by PT Niramas Utama Tbk. have secured intellectual property rights with an average duration of 10 years, covering brands like YONGJELL, NATA DRINK, INACO MINI GUMMIES, and INACO MINI PUDDING. The company, whose main trademark is INACO, is considered a pioneer in the coconut-based dessert food and beverage industry in Indonesia. Having operated for 35 years, it maintains a high commitment to providing tasty, safe, and nutritious products for the Indonesian public. Currently, the JELI issuer is supported by 251 distribution points spread across all regions of Indonesia. Through this e-IPO, the company targets increasing its number of distributors to 300 within the next three years, particularly focusing on traditional retail stalls. Products from the JELI issuer are already exported to more than 30 countries. The company operates four production facilities with distinct functions: Bekasi serves as the head office, Pontianak as the aloe vera processing plant, Pandaan as a production and distribution facility, and Sukabumi as the centre for Nata de Coco production. JELI shares are classified as Sharia-compliant. According to the prospectus, all funds from the public offering of JELI shares are earmarked for the company’s operational activities. Approximately 51.04 percent will be used as capital for its subsidiary NPS in the form of equity, which will then use the funds to increase production capacity for gummy candy and jelly products. Around 18.36 percent is allocated for purchasing machinery, installing production machines, increasing warehouse storage capacity, and accelerating logistics processes. About 10.63 percent will be used to repay part of the principal of short-term loans KMK 1 and KMK 2 to Bank Mandiri. The remaining 19.97 percent is for working capital, including purchasing raw materials, paying operational costs, marketing activities, and other expenses. The attractiveness of the JELI IPO is a subjective assessment, but it is important to understand that JELI operates in the food and beverage sector and is regarded as a pioneer in Indonesia. The business prospects of PT Niramas Utama Tbk. are significant. The issuer operates in the consumer non-cyclicals sector, focusing on desserts, a prospect that cannot be underestimated as domestic consumption continues to rise. According to the Ministry of Administrative and Bureaucratic Reform, Indonesia’s population reached 288.3 million as of December 2025, making it one of the largest consumer markets in the world. Data from the Central Statistics Agency shows an increase of 2,835 people from 2024 to 2025. This population growth directly increases public demand for food products, including processed foods and convenient, easy-to-consume desserts. The resilience of the food and beverage sector is also reflected in its contribution to the national economy. Based on a publication by the Ministry of Industry, in 2025 the food and beverage industry contributed approximately 19.07 percent to the national Gross Domestic Product. This relatively stable performance indicates that the sector has a high level of resilience to economic dynamics, providing a broad market base for companies to pursue sustainable business development. Key dates for the JELI e-IPO include a book-building period from 15 to 22 June 2026, a public offering from 1 to 3 July 2026, and an estimated listing on the Indonesia Stock Exchange on 7 July 2026. A total of 350,000,000 lots are being offered at a price range of Rp900 to Rp1,120 per share.