When Popularity Capital Bets on the Stock Exchange

Can the popularity and charm of celebrities be the main anchor in building a giant business empire?

Bursa Efek Indonesia

By Erika Kurnia

12 Jul 2026 07:00 WIB · Ekonomi & Bisnis

The sound of thunderous applause was heard as Indonesian celebrity Nagita Slavina took the stage at the Main Hall of the Indonesia Stock Exchange in Jakarta. Not appearing as a celebrity, Nagita emerged as the President Director of PT RANS Entertainment Indonesia Tbk.

Her arrival on Friday (July 10, 2026) brought the company she founded with her husband, Raffi Ahmad, the company’s founder, to the stock exchange in an initial public offering (IPO). This move is not just a sensational news story from the celebrity world, but a major phenomenon in the modern business world.

RANS began its journey in 2016 in a garage, armed with only video recordings of their family’s daily lives. However, through consistent creativity, they managed to turn a loyal audience into business capital known as intellectual property (IP).

Nagita said that since establishing her business with Raffi, she has believed that the entertainment industry, especially in the digital world, is now a new economic infrastructure. This industry has also evolved into the experience economy, a business that transcends the purchase of physical products.

“They buy stories. They buy memories they want to take home and retell. They come to concerts, attend festivals, buy merchandise, and even the characters they like,” Nagita said in her speech at the IPO event.

Therefore, they are confident in seeking new sources of funding for the industry they are developing. RANS successfully secured fresh funds amounting to IDR 429.25 billion from the release of 2.5 billion shares equivalent to 20 percent of the company’s shares at a price of IDR 170 per share.

One-third of the funds will be used to finance entertainment and concert businesses, while one-fifth each will be allocated for the beauty business under the banner of PT Rans Kosmetika Indonesia and for the development capital of a children’s attraction inspired by the couple’s second child, “Cipungland.”

Then, a small portion is allocated for investment in AI technology in collaboration with PT Feedloop Global Teknologi, and the remainder is for working capital for the culinary business as well as to pay off some of the company’s bank debts.

Nagita believes that these various creative businesses deserve to be on par with other strategic economic sectors in Indonesia.

“Today is the day when Indonesia demonstrates that creativity can stand alongside other strategic economic sectors. Creativity is capital, creativity is an asset, and creativity can become a public company trusted by the Indonesian people,” he stated.

However, behind the success of that corporate action, the sustainability of RANS’s business, which is carried by the names of Raffi and Nagita, is being questioned. This is because their business relies on the good name and loyal fans of the couple as its business capital.

They are very aware of this as a risk. In their stock prospectus, it is stated that the company’s risk is its dependence on key talents, namely Raffi Ahmad and Nagita Slavina along with their family. This dependence has the potential to negatively impact the company’s business and financial performance if there is a decline in engagement or reputation issues.

Not only that, the integrity of RANS is also being questioned. The company is perceived by many in the community as engaging in money laundering because Raffi, who currently serves as the Special Presidential Envoy for Youth Development and Artists, is close to the oligarchy.

The fundamentals of the company are also in doubt. In recent years, RANS’ revenue has continued to decline. RANS’ revenue in 2025 is projected to be Rp 353.38 billion, compared to Rp 410.50 billion in 2024 and Rp 437.81 billion in 2023. Net profit also shrank last year to Rp 56.7 billion, down from Rp 97.1 billion in 2024 and Rp 90.2 billion in 2023.

Nagita admitted that the risk of her family’s branding in the creator business was a burden for the company, which they had tried to reduce by presenting an intellectual property-based business and diversifying the business.

Gradually, the exposure is reduced from 24 percent in 2023 to 14 percent in 2025.

If in Indonesia there is RANS, at the global level there is a story that is far more extreme than Elon Musk’s SpaceX. SpaceX operates in the satellite internet service business through Starlink, space launch and transportation, as well as artificial intelligence following its merger with xAI.

In mid-June 2026, SpaceX conducted the largest IPO in history on the Nasdaq stock exchange in the United States. Priced at 135 USD per share, SpaceX was able to raise funds amounting to 75 billion USD.

In recent days, investor enthusiasm has driven the company’s valuation to approximately 2.53 trillion US dollars, temporarily positioning SpaceX to rival Amazon’s stock.

The company, which has been the world’s richest man since 2025, is considered to be relying on its brand strength over its business fundamentals. Although SpaceX is valued at US$1.77 trillion, under standard accounting (GAAP) accounting standards, the rocket company has never made a net profit.

According to the Brand Finance 2026 report, SpaceX is seen as a disruptive brand that has successfully disrupted the aerospace industry, which has been dominated by established players such as Boeing and Airbus.

The Brand Finance 2026 B2B 300 report ranks SpaceX at 207th place in the aerospace and defense sector, alongside Airbus and Rolls-Royce.

Airbus and Rolls-Royce are brands built on decades of heritage, engineering reliability, and institutional trust. They differ from SpaceX, which operates on a new trend. The company disrupts an established industry through bold innovation and scalability.

In the eyes of global investors, SpaceX’s reputation as a symbol of future innovation is a guarantee that the company will