Jay-Z-backed Kopi Kenangan weighs IPO at roughly US$1.4 billion

A public listing by Indonesian coffee retailer Kopi Kenangan could lift the value of holdings linked to Jay-Z, with early talk putting the firm’s possible market worth as high as US$1.4 billion.

The hip-hop star put money into the rapidly expanding brand in 2019 via his venture firm Arrive, investing at the same time as tennis great Serena Williams to help fund its rollout.

Launched in 2017, Kopi Kenangan has secured over US$234 million in financing and is preparing to push deeper into markets across Southeast Asia.

Any move onto the public markets would fit Jay-Z’s pattern of backing fast-growing consumer companies operating in Asia.