RANS Denies Money Laundering Rumours as It Officially Lists on IDX Today

Jakarta (ANTARA) - PT RANS Entertainment Indonesia Tbk (stock code: RANS) has denied public rumours suggesting the company is involved in money laundering, following its official initial public offering (IPO) on the Indonesia Stock Exchange (IDX) on Friday.

“If it’s a matter of money laundering, that is perhaps more of a rumour than a fact,” said RANS Lead Commissioner Darwin Cyril Noerhadi in Jakarta on Friday.

Cyril further explained that the entire IPO process was conducted in accordance with the provisions set by the Financial Services Authority (OJK) and the IDX. He also reminded that any issuer seeking to list on the stock exchange must undergo a rigorous due diligence process, involving hundreds of pages of documents and responses to regulatory queries.

The process, he clarified, covers three main aspects: legal, accounting, and information transparency. From a legal standpoint, all company transactions must be supported by valid documents, including notarial deeds. From an accounting perspective, the company is required to disclose its bookkeeping and the sources of its financial records. Additionally, the issuer must comply with all provisions regarding public information disclosure.

Cyril also highlighted evidence of investor confidence in the company. He noted this was reflected when Emtek became an investor in 2021, with an investment value of approximately IDR 248 billion to acquire around 17-18 percent of the company’s shares. At that time, he said, RANS’s valuation had reached around IDR 1.3 trillion. As the company’s business has developed, Cyril noted that the valuation has now increased to more than IDR 2 trillion.

“That is why I think RANS’s IPO is important, to convey what is happening within the company based on facts, in compliance with the provisions of both the OJK and the IDX,” he said.

Cyril added that the company is also committed to fulfilling all applicable requirements, in line with capital market reforms aimed at improving market integrity through information disclosure, a minimum 15 percent free float requirement, and the disclosure of share ownership above 1 percent.

“So, the information disclosure and the number of RANS shares traded is more than 20 percent, that is traded on the exchange. Regarding the 1 percent rule, it is clear that our disclosure meets the exchange’s requirements,” Cyril said.

Meanwhile, the underwriter, Trimegah Sekuritas Indonesia, assessed that RANS’s valuation cannot be measured solely by conventional financial indicators, as the company’s business relies on creativity as its main asset. Trimegah Sekuritas Indonesia Director David Agus explained that the company’s value originates from creativity that generates influence, which then builds a follower base, ultimately creating monetisation opportunities. Therefore, valuation approaches such as the price-to-earnings ratio (PER) or price-to-book value (PBV) are considered unable to fully reflect the economic value of a creativity-based business.

“So, the question is, is the creativity, entrepreneurship, and the ability to influence with the follower base of Mr Raffi and Mrs Nagita, and their ecosystem including other artists, only worth IDR 2.5 trillion (market capitalisation)? That cannot be answered with numbers alone,” David said.

From a fundamental perspective, David assessed that the composition of shareholders is a positive indicator, as it includes investors who understand the media industry. Regarding investment risks, although some investors still view dependency on the founders as a primary risk, David noted that the company’s current business conditions show that revenue and profitability contributions are no longer entirely dependent on the personal intellectual property (IP) of Raffi Ahmad or Nagita Slavina.

On Friday, RANS officially conducted its IPO, raising IDR 429.25 billion. RANS shares opened and remained at IDR 228 per share, an increase of 34.12 percent or 58 points from the IPO price of IDR 170 per share, immediately hitting the upper auto-rejection limit (ARA). As of 14.23 WIB, the transaction volume reached 7.11 million shares with a transaction value of IDR 1.62 billion across 17,480 trades. The increase pushed the company’s market capitalisation to approximately IDR 2.87 trillion.

The share ownership structure of RANS is dominated by Raffi Farid Ahmad with a 62.93 percent stake, followed by the public with 20.02 percent, PT Indonesia Entertainmen Grup with 7.23 percent, Soultan Ariq Rachman with 2.74 percent, Dony Oskaria with 2.74 percent, Sutanto Hartono with 1.14 percent, Nagita Slavina Mariana Tengker with 0.99 percent, Kaesang Pangarep with 0.91 percent, Hikmat Janika with 0.68 percent, and PT Ekonomi Baru Investasi Teknologi with 0.61 percent.