Kopi Kenangan founder buys bigger stake before IPO
Edward Tirtanata has increased his stake in Kopi Kenangan as investors see Indonesia's biggest coffee chain moving closer to a stock market listing.
Kopi Kenangan's founder has bought a bigger stake in the Indonesian coffee chain, a move investors read as the clearest signal yet that its long-rumoured stock market listing is close.
Edward Tirtanata, Kopi Kenangan's chief executive, purchased shares from early team members and shareholders as part of an ongoing funding round, according to World Coffee Portal and Inside Retail Asia. Existing investors Alpha JWC Ventures, Tybourne Capital Management and Horizons Ventures also increased their holdings.
"Many of our people joined when we were eight stores in Jakarta," Tirtanata said. "They took a chance on us before anyone else did. They've earned the right to turn some of what they built into real liquidity."
Buying out your own early employees is a very specific kind of confidence to display.
Kopi Kenangan's growth accelerates fast
Kopi Kenangan now runs more than 1,500 stores across seven markets, up from 1,300 in July. It opened 221 net new outlets in 2026 alone and posted its first full year of profit in 2025.
Revenue climbed 62% year on year in the first half of 2026. Earnings before interest, tax, depreciation and amortisation rose 86% in the second quarter. Malaysia turned profitable three years after entry, and the first Taiwan store opened in April.
A listing takes shape slowly
Kopi Kenangan has held preliminary talks with banks about a possible initial public offering, with Singapore on the shortlist of venues, according to earlier reports. No underwriters have been formally appointed yet.
Backers include tennis player Serena Williams, through Serena Ventures, and rapper Jay-Z, through Roc Nation, both investors since 2019, alongside Peak XV Partners and Singapore's GIC. A deal could value Kopi Kenangan near $1 billion. Net revenue reached $184 million in 2025, up 45% on the previous year, with $17 million in net profit.
The wider coffee trade has had a rougher month elsewhere. Starbucks has closed hundreds of cafes this week, and arabica prices have sunk to a three-month low.
The company aims to open roughly 550 new outlets by the end of 2026. Tirtanata's stake purchase settles no date for a listing, but it shows which side of the table he wants to sit on once one is set.
