The Indonesian grab-and-go chain, which counts Serena Williams and Jay-Z as investors, is considering Singapore as a listing venue
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Credit: Firzafp / Wikimedia Commons (CC BY-SA 4.0)
Kopi Kenangan, the Indonesian coffee chain whose backers include tennis star Serena Williams and hip-hop entrepreneur Jay-Z, has approached banks about a possible IPO that could put its valuation at as much as $1 billion, according to The Wall Street Journal.
The Journal described the IPO discussions as preliminary, with no banks yet formally appointed to lead the process. Singapore is on the shortlist of potential listing locations, the newspaper reported.
Both Williams and Jay-Z came on board as investors in 2019, committing capital through Serena Ventures and Roc Nation respectively.
In an emailed statement, Junxian Li, Kopi Kenangan's vice president of corporate finance and development, said the company regularly evaluates "a range of strategic and financing options" to support its expansion and provide monetization opportunities for shareholders. "This includes regular dialogue with financial institutions, investors, and advisers, which is a normal part of running a business at our stage," Li said. The company has not made any decisions on an IPO, including on timing, location, or valuation, Li added.
Established in 2017, the company uses only Indonesian-grown beans and has expanded its footprint across six countries, among them Singapore, Malaysia, India, and Australia. It currently has upward of 1,300 locations and is targeting around 550 additional openings through 2026.
Co-founder and Group Chief Executive Edward Tirtanata disclosed in a January LinkedIn post that the company's 2025 net revenue climbed 45% year over year to $184 million, with net profit coming in at $17 million. In the same post, Tirtanata stated that the company "cannot wait for the IPO bell to ring before starting to act like a public company," without providing any specifics about a potential listing.
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