Kopi Kenangan may be getting closer to the public markets. The Indonesian coffee chain backed by Serena Williams and Jay-Z has approached banks about a possible IPO, according to The Wall Street Journal.
The early discussions could value the company at as much as $1 billion, although no final decision has been made. The company is already profitable and has more than 1,300 locations across six countries. The report also cites Quartz and All Hip Hop.
Is Kopi Kenangan planning an IPO?
The Wall Street Journal reported that Kopi Kenangan has spoken with banks about a possible initial public offering. The talks are still preliminary, and no banks have been formally appointed to lead the process.
Singapore is among the possible locations being considered for a listing.
Kopi Kenangan itself stressed that nothing has been decided yet.
In an emailed statement, Junxian Li, the company’s vice president of corporate finance and development, said Kopi Kenangan regularly considers “a range of strategic and financing options” as it works on expansion and ways to give shareholders opportunities to monetize their investments.
“This includes regular dialogue with financial institutions, investors, and advisers, which is a normal part of running a business at our stage,” Li said.
He added that the company has not made any decisions about an IPO, including its timing, location or valuation.
That leaves the possible Kopi Kenangan IPO in its early stages, even as the company continues to grow.
How big has Kopi Kenangan become?
Kopi Kenangan was founded in 2017 with a simple goal: offer premium coffee at prices that regular customers could afford.
The company uses Indonesian-grown coffee beans and has expanded into six countries, including Singapore, Malaysia, India and Australia.
It now has more than 1,300 locations and plans to open about 550 more through 2026.
The business has also attracted major investors. Serena Williams and Jay-Z both invested in Kopi Kenangan in 2019, through Serena Ventures and Roc Nation respectively. Jay-Z's investment was made through Arrive, a venture arm of Roc Nation.
The coffee chain has raised more than $234 million through several funding rounds. Sequoia Capital India led a major Series B round that pushed the company into unicorn territory.
Kopi Kenangan's financial results have also given investors another reason to watch the company.
In a January LinkedIn post, co-founder and Group Chief Executive Edward Tirtanata said 2025 net revenue rose 45% from the previous year to $184 million. Net profit reached $17 million.
Tirtanata also wrote that the company “cannot wait for the IPO bell to ring before starting to act like a public company.”
He did not provide details about a potential listing at the time.
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For Jay-Z, the possible IPO also fits into his wider investment activity in Asia. His MarcyPen Asia venture with Hanwha Asset Management is a $500 million joint venture focused on consumer businesses across the continent.
For now, though, Kopi Kenangan has not committed to an IPO. The discussions reported by The Wall Street Journal remain preliminary, with no banks formally appointed and no decision on where or when the company could list.
FAQs
Is Kopi Kenangan going public?The company is exploring an IPO, but no final decision has been made.
Who backs Kopi Kenangan?
Serena Williams and Jay-Z invested in the coffee chain in 2019.
