Inaco Jelly Maker Niramas Utama Seeks IDR 392 Billion Through Planned Indonesia IPO

The company will offer up to 350 million new shares, representing about 25.9% of its enlarged share capital, at a price range of 900–1,120 rupiah per share. At the upper end of the range, Niramas Utama would be valued at around 1.5 trillion rupiah ($84.3 million).

Known for products such as nata de coco, jelly, gummy candy, and other desserts, Niramas Utama will conduct its bookbuilding process from June 15 to June 22 and aims to list on July 7 under the ticker symbol JELI. PT Sucor Sekuritas is serving as the sole lead underwriter.

Most of the IPO proceeds will be used to expand the company's production capacity. Around 51% of the funds will be invested in its subsidiary, PT Niramas Pandaan Sejahtera, to purchase and install machinery that will increase gummy candy and jelly production.

Another 18% of the funds will be used to improve warehouse storage and logistics operations by purchasing new equipment. About 10.6% will go toward repaying part of the company's short-term loan from Bank Mandiri, reducing its outstanding debt from 94 billion rupiah to around 54 billion rupiah.

The remaining funds will be used for working capital, including raw material purchases, operational costs, and marketing activities.

Founded in 1990 and based in Bekasi, West Java, Niramas Utama operates four manufacturing facilities across Indonesia. The company is best known for its Inaco nata de coco products, which are sold both locally and internationally.

After the IPO, the stake of controlling shareholder PT Niramas Utama International will decrease from 99.8% to about 73.9%, while public investors will own up to 25.9% of the company.

Niramas Utama believes Indonesia's food and beverage sector offers strong growth opportunities due to rising consumer demand and the country's large population. The company noted that the industry remains one of the biggest contributors to Indonesia's manufacturing sector and overall economy.

Niramas is considered the closest competitor to Yupi, the gummy candy maker that went public in March 2025 and raised 2.04 trillion rupiah in one of the country's largest IPOs of the year.

The company's financial performance has improved significantly in recent years. Net profit rose to 39 billion rupiah ($2.19 million) in 2025, more than three times higher than the previous year. Although revenue declined by 4.5%, improved operational efficiency helped boost profit margins, with net profit margin increasing to 5.2% from 1.5% in 2024.

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