PT Niramas Utama, the Indonesian food and beverage manufacturer behind the Inaco brand, plans to raise up to 392 billion rupiah ($22 million) through an initial public offering on the Indonesia Stock Exchange, according to its prospectus.
The company intends to offer up to 350 million new shares, representing 25.93% of its enlarged capital base, at an indicative price range of 900-1,120 rupiah apiece ($0.051-1.12). At the top end of the price range, the offering would value the company at around 1.5 trillion rupiah ($84.3 million).
Niramas Utama, which produces nata de coco, jelly, gummy candy, and other dessert products under the Inaco brand, is scheduled to conduct bookbuilding from June 15 to June 22, with a listing targeted for July 7, under the ticker JELI. PT Sucor Sekuritas is acting as the sole lead underwriter.
The IPO proceeds will primarily be used to expand production capacity as the company seeks to meet growing domestic and export demand.
About 51% of the funds raised will be injected into subsidiary PT Niramas Pandaan Sejahtera to finance capital expenditure, including the purchase and installation of production machinery and equipment. The investment is aimed at increasing output capacity for gummy candy and jelly products.
Another 18% will be allocated to procure machinery and equipment to improve warehouse storage capacity and accelerate logistics operations.
The company also plans to use around 10.6% of the proceeds to repay a portion of its short-term loans from Bank Mandiri. As of March 31, 2026, Niramas Utama’s outstanding principal debt to the lender stood at Rp94 billion. Following the repayment, the remaining balance is expected to decline to Rp54 billion.
The remainder of the proceeds will be used for working capital, including raw material purchases, operational expenses, and marketing activities.
Founded in 1990 and headquartered in Bekasi, West Java, Niramas Utama operates four manufacturing facilities located in Bekasi, Pandaan, Pontianak, and Sukabumi. The company focuses on dessert food and beverage products and is best known for its Inaco-branded nata de coco products, which are sold in both domestic and overseas markets.
Following the IPO, controlling shareholder PT Niramas Utama International’s stake will decline to approximately 73.9% from 99.8%, while public investors will own up to 25.9% of the company.
Niramas Utama said it sees continued growth opportunities in Indonesia’s food and beverage sector, supported by rising consumer demand and the country’s large population base. The company cited industry data showing that the food and beverage sector remains one of the largest contributors to Indonesia’s manufacturing industry and national economic output.
Niramas is the closest rival of the listed company Yupi, which completed its initial public offering on the Indonesia Stock Exchange (IDX) in March 2025. The gummy candy manufacturer raised 2.04 trillion rupiah by offering 854.44 million shares at 2.390 rupiah apiece, listed as one of the largest fundraising efforts of the year.
The IPO comes as Niramas Utama’s earnings have strengthened markedly. The company posted a net profit of 39 billion rupiah ($2.19 million) in 2025, more than triple the 11.6 billion rupiah recorded a year earlier and significantly higher than 1.7 billion rupiah in 2023. While revenue declined 4.5% in 2025, the company improved margins through operational efficiencies, with net profit margin rising to 5.2% from 1.5% in 2024.
The transaction would mark the second IPO in Indonesia this year, following the April listing of PT BSA Logistics Indonesia Tbk, the logistics arm of venture-backed Waresix.
