Kopi Kenangan Explores IPO Potentially Worth Up to Rp 17.89 Trillion

PT Bumi Berkah Boga, known as Kopi Kenangan, one of Indonesia’s largest coffee chains, has held discussions with banks to explore a potential share listing that could be worth up to US$1 billion, sources familiar with the matter told The Wall Street Journal. The sources indicated that the company’s plans for an initial public offering are still in the early stages, and the timing and size have not yet been determined. Singapore is among the locations being considered for the listing, they said, adding that no banks have been formally appointed to handle the IPO. In an emailed statement, Junxian Li, vice president of finance and corporate development at Kopi Kenangan, said the company regularly evaluates various strategic and financing options to support its expansion and provide monetisation opportunities for shareholders. This includes routine dialogue with financial institutions, investors, and advisers, which is a normal part of running a business at our stage, Li said, adding that no decisions have been made regarding an IPO, including its timing, location, or valuation. Founded in 2017, the grab-and-go coffee chain sources all its coffee beans from Indonesia and operates in six countries, including Indonesia, Singapore, Malaysia, India, and Australia. In a LinkedIn post in January, co-founder and Group CEO Edward Tirtanata stated that Kopi Kenangan’s net revenue in 2025 rose 45% year-on-year to US$184 million, while net profit reached US$17 million. The company operates more than 1,300 outlets worldwide and plans to open approximately 550 more in 2026. Tirtanata also wrote that the company cannot wait for the IPO bell to ring before starting to act like a public company, though he did not disclose any specific details of a potential offering. Tennis star Serena Williams and rapper-tycoon Shawn Carter, known as Jay-Z, invested in the chain in 2019 through their respective investment platforms, Serena Ventures and Roc Nation.