{
  "id": 12997947,
  "title": "Jay-Z, Serena Williams-backed Kenangan Coffee considering IPO on SGX: CEO",
  "url": "https://urgent.news/2026/10/09/jay-z-serena-williams-backed-kenangan-coffee-considering-ipo-on-sgx",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-09T01:38:15.000Z",
  "source": {
    "name": "The Business Times - Singapore",
    "slug": "the-business-times-singapore",
    "url": "https://www.businesstimes.com.sg/international/asean/jay-z-serena-williams-backed-kenangan-coffee-considering-ipo-sgx-ceo"
  },
  "original_language": "en",
  "account": "Indonesian coffee chain Kenangan Coffee, backed by Serena Williams and rapper Jay-Z, is contemplating an initial public offering (IPO) on the Singapore Exchange (SGX) within the next 24 months, according to co-founder and CEO Edward Tirtanata. The company is also evaluating possibilities for dual listings on regional exchanges, including the Indonesia Stock Exchange (IDX) and Hong Kong Exchanges and Clearing. Tirtanata emphasized the importance of favorable market conditions at a particular exchange for an Asean consumer company. He expressed a desire for clearer guidelines on how companies could pursue dual listings in Singapore and on regional exchanges. Tirtanata noted that coffee and food and beverage companies are popular on the IDX, but a coffee company could also add a unique perspective to SGX, which seeks to diversify beyond sectors like real estate investment trusts. An IPO would primarily serve to provide a liquid market for early investors, rather than financing Kenangan Coffee's expansion, which is largely funded by internal cash flow. The company operates 10 outlets in Singapore, with higher sales compared to its other seven markets, but rapid expansion in Singapore is deemed financially unwise due to high rents and capital expenditure. Singapore's competitive landscape and high rental costs present challenges, while the local market benefits from Kenangan Coffee's regional network for sourcing ingredients and packaging more cost-effectively.",
  "summary": "Firm’s CEO says he will like greater clarity on how companies could pursue dual listings in Singapore and on regional exchanges",
  "key_points": [
    "Jay-Z and Serena Williams back Kenangan Coffee for potential IPO on SGX.",
    "CEO Edward Tirtanata aims for IPO within 24 months, seeks dual listings.",
    "Coffee sector diversification sought for SGX, but Singapore market poses challenges."
  ],
  "editors_take": "A potential IPO on the Singapore Exchange would mark a strategic shift for Kenangan Coffee, allowing early investors to exit while the company leverages its regional network to navigate Singapore's competitive market.",
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "The Business Times - Companies & Markets",
        "title": "Jay-Z, Serena Williams-backed Kenangan Coffee considering IPO on SGX: CEO",
        "url": "https://urgent.news/2026/10/09/jay-z-serena-williams-backed-kenangan-coffee-considering-ipo-on-sgx-12998273",
        "published": "2026-10-09T01:38:15.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}