Tennis star Serena Williams-backed coffee chain with over 1,500 outlets mulls Singapore listing
Kenangan Coffee, the Indonesian chain with over 1,500 outlets backed by tennis star Serena Williams and rapper Jay-Z, is weighing an initial public offering on the Singapore Exchange, with plans to go public within 24 months.
Serena Williams-backed Kopi Kenangan coffee chain, which operates over 1,500 stores across seven markets including Indonesia, is considering listing on the Singapore Exchange. The company is also exploring the United States, Hong Kong and Indonesia, with the final decision depending on the suitability of each exchange for an ASEAN consumer company.
Singapore's market is known for its receptiveness to consumer companies, while Indonesia favors artificial intelligence and biotechnology firms. Tirtanata, the company's co-founder and CEO, wants more clarity on dual listings in Singapore and regional exchanges. Kopi Kenangan, co-founded by Tirtanata and schoolmates in 2017, has attracted high-profile investors like Williams and Jay-Z.
The company's expansion plans include opening about 85 stores in Malaysia and nearly 390 in Indonesia in 2026, but no specific targets for Singapore. The intense competition in Singapore, including Luckin Coffee's 103 outlets, makes rapid growth there riskier due to high rents and capital expenditure.
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