Shares of PT Rans Entertainmen Indonesia Tbk (RANS), the media and consumer platform founded by celebrity couple Raffi Ahmad and Nagita Slavina, touched the daily upper trading limit on their debut on the Indonesia Stock Exchange (IDX) on Friday as the company sought to convince investors its long-term value lies beyond the popularity of its founders.
The stock rose 34.12% to 228 rupiah from its IPO price of 170 rupiah shortly after trading opened, triggering the exchange’s volatility interruption mechanism.
The company raised 429.25 billion rupiah through the sale of 2.525 billion new shares, equivalent to about 20% of its enlarged share capital. The offering attracted more than one million investor accounts during the subscription period, highlighting strong retail demand for one of Indonesia’s most anticipated IPOs this year.
Founded as a digital media business around the personal brands of Raffi Ahmad and Nagita Slavina, RANS has expanded into consumer products, food and beverages, events, sports, licensing and digital commerce, as it seeks to build recurring revenue beyond content production.
During the listing ceremony, chief executive Nagita Slavina described the IPO as a milestone not only for RANS but also for Indonesia’s creative economy.
“People know RANS because of Raffi Ahmad and myself, but the company we have built is much bigger than two people,” she said. “We’re not just building a media company. We’re building an ecosystem that creates intellectual property, products, events, and communities by adopting the latest technologies.”
She added that the entertainment industry has evolved from producing content into creating broader economic value through tourism, merchandise, live events, and digital communities.
“Entertainment is no longer just consumption. It has become economic infrastructure,” she said, adding that the company had spent the past several years preparing for life as a public company.
“We started discussing the possibility of an IPO in 2021 after meeting one of Emtek’s subsidiaries, which later became an investor,” Slavina said. “Since then, we have strengthened our management and corporate structure while preparing the company for the public market.”
She said the company believed rising consumer spending on experiences and commerce created a rare opportunity to scale an integrated consumer and intellectual property business.
Addressing investor concerns over RANS’ reliance on its celebrity founders, Slavina said the company has been reducing its dependence on its founders and traditional media by expanding into intellectual property, products, and events.
She said businesses outside media contributed 51.76% of revenue in 2025, compared with 24% in 2023, although the company did not disclose that breakdown in its IPO prospectus.
“Our focus is to reduce dependence on Raffi and myself,” she said. “We want to continue growing through intellectual property, products, events, and technology.”
Raffi Ahmad said the company has evolved far beyond the business he and Nagita started together. “RANS used to be just Raffi and Nagita,” he said. “Today it has become something much bigger, spanning food and beverages, FMCG, and other businesses. Like Walt Disney, we want to prove that a well-managed brand can become a lasting legacy.”
The chairman of one of RANS’ earliest institutional investors, PT Indonesia Entertainmen Group, Sutanto Hartono, said they invested in the company because of its ability to repeatedly commercialise new ideas rather than because of the founders’ celebrity status.
“They have extraordinary popularity, but as corporate investors we only invest in businesses that are sustainable,” said Hartanto “Their strength lies in continuously creating new ideas and turning them into monetisable businesses.”
Darwin Cyril Noerhadi, who sits on RANS’ board, said the listing also broadens the profile of Indonesia’s public companies.
“Most listed companies are still commodity-based. Companies built on creativity remain relatively rare,” he said, adding that strong governance would be critical to ensuring the business remains sustainable beyond its founders.
The listing adds another consumer-facing company to Indonesia’s busiest IPO week this year, following the market debuts of Jakarta Eye Center operator PT Nitrasanata Dharma Tbk, food producer PT Niramas Utama Tbk, infrastructure services provider PT Bach Multi Global Tbk, medical device maker PT Esa Medika Mandiri Tbk, and Prodia Diagnostic Line Tbk.
