Jay-Z, Serena Williams-backed Kenangan Coffee considering IPO on SGX: CEO
Firm’s CEO says he will like greater clarity on how companies could pursue dual listings in Singapore and on regional exchanges
The Indonesian coffee chain, Kenangan Coffee, is considering an initial public offering (IPO) on the Singapore Exchange (SGX) within the next 24 months, with the possibility of a dual listing on regional exchanges. CEO Edward Tirtanata emphasized the importance of market conditions at each exchange and the need for greater clarity on dual listing procedures.
Tirtanata cited the Nasdaq-SGX Global Listing Board (GLB) as a framework providing clear guidelines for companies looking to list on multiple exchanges, but noted that the valuation threshold of SGD 2 billion limits many smaller companies. Kenangan Coffee, backed by Serena Williams and Jay-Z, has 10 outlets in Singapore and plans to expand to Malaysia and Indonesia in 2026.
The company's CEO remains focused on disciplined site selection and cost structure, rather than rapid expansion in Singapore, where elevated rents and capital expenditure make rapid growth riskier.
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