PT Yupi Indo Jelly Gum Tbk (Yupi), which owns one of Southeast Asia’s largest gummy bear brands Yupi, plans to raise 2.13 trillion rupiah ($130 million) through an initial public offering (IPO) in Indonesia this month.
According to its prospectus filed to the Indonesia Stock Exchange (IDX), the West Java-based company will use the proceeds from the IPO for working capital needs and expansion.
Yupi plans to issue 854 million shares in the IPO, representing a 10% stake in the company, at an offering price of 2,100-2,500 rupiah per share.
Currently, PT Sweets Indonesia (PTSI) is the majority shareholder of Yupi Indo Jelly Gum with a 99.9% stake, while the rest is owned by Daniel Budiman. The ultimate shareholders of PTSI are Mahanusa Capital, which holds 52.2% through Cipta Astana Gemilang, and Gunung Sewu Group, which owns 44.8% through Bahana Komunindo.
Of the 854 million shares on offer in the IPO, 256.3 million will be new shares (worth 641 billion rupiah) issued by the company, while 598.1 million shares (worth 1.5 trillion rupiah) will be existing shares divested by PTSI.
After the issuance of new shares, PTSI’s ownership will be diluted to 89.9%, Daniel Budiman’s stake will remain at 0.1%, and the public will hold 10%.
In November 2024, pan-Asian fund Affinity Equity Partners signed an agreement with PTSI and Daniel Budiman to acquire a 90% stake in Yupi. Following the IPO, Affinity will become the controlling shareholder of Yupi by acquiring the stakes of PTSI and Budiman.
PT CIMB Niaga Sekuritas and PT Mandiri Sekuritas are acting as underwriters for the IPO. The public offering is scheduled from March 17-19, 2025. The company is expected to be listed on March 21 trading under the ticker YUPI.
Yupi plans to allocate 77% of the proceeds from the new share issuance to build a new manufacturing plant in Nganjuk, East Java, which is expected to be operational by 2026. The remaining funds will be used for business expansion both locally and internationally.
According to its website, Yupi, founded in 1996, manufactures around six billion pieces of candy annually and distributes them in over 50 countries across Asia, North America, Australia, Europe, and the Middle East.
Its brands include Yupi, Just For Fun, and Gummy Zone, offering 64 SKUs across four product categories: Gummy, Bulicious, Extruded Soft Candy, and Marshmallow.
In the first nine months of 2024 (9M 2024), the company operates two production facilities with a total annual capacity of 93,000 tonnes. In 9M 2024, Yupi posted a net profit of 484 billion rupiah, marking a 10% increase from 440 billion rupiah in the same period of 2023. However, revenue declined to 2.41 trillion rupiah from 2.52 trillion rupiah in the period. The company managed to reduce expenses to 1.6 trillion rupiah in 9M 2024, compared with 1.8 trillion rupiah in the previous year.
According to Euromonitor, Yupi is the market leader in Indonesia’s soft candy segment, commanding a 66.5% market share.
Yupi also holds a 21.2% market share in Malaysia, 17.2% in Singapore, and 23.4% in Thailand.
