JAKARTA – PT Yupi Indo Jelly Gum Tbk (YUPI), the producer of Yupi gummy candy, debuted on the Indonesia Stock Exchange (IDX) through the initial offering of 854.44 million shares at a price of IDR 2,390 per share today (25/3), raising IDR 2.04 trillion from the IPO.

According to YUPI's IPO prospectus, the shares offered consist of 256.33 million new shares and 598.11 million shares divested by PT Sweets Indonesia (PTSI), YUPI's controlling shareholder.

As a result, after the IPO, YUPI's shareholding structure includes PT Sweets Indonesia (PTSI), which controls 89.9% of YUPI's shares, followed by Daniel Budiman with 0.1%, and the public with 10%.

However, referring to YUPI’s IPO prospectus, the company has also disclosed plans for YUPI’s acquisition by a new controlling shareholder, PT Confectionery Consumer Products Indonesia (CCCPI), shortly after the completion of the IPO.

"PTSI and Daniel Budiman have signed a Share Purchase Agreement (PPJB) with CCPGL (Confectionery Consumer Products Global Pte Ltd.) and PT CCPI (PT Confectionery Consumer Products Indonesia) on November 1, 2024," the management explained in the prospectus.

CCPGL, established in Singapore, is a passive investment entity that owns 99.99% of CCPI. Meanwhile, CCPI is an Indonesian company that will operate as a holding company.

According to the IPO prospectus, the acquisition of the majority shares of YUPI by CCPI is expected to take place no later than five working days after the IPO is completed, or within 12 months from the signing of the PPJB deed.

However, as of noon today (25/3), YUPI's share price had already dropped by 3.77% or 90 points from its IPO price of IDR 2,390 per share. On the other hand, YUPI managed to jump to IDR 2,440 per share two minutes after the trading officially opened. (ZH)