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F&B retailer Teguk aims to raise Rp 120 billion through IPO
Founded in 2018, Teguk had 145 outlets at the end of last year, located in the provinces of Jakarta, Banten and West Java, as well as one store in New York, the United States.
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Teguk CEO Maulana Hakim (left) and founder Najib Wahab (right) are pictured in an undated photograph. (Teguk/-)
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T Platinum Wahab Nusantara, the operator of local food and beverages (F&B) brand Teguk, is set to sell 30 percent of its shares through an initial public offering (IPO).
With the shares to be offered for between Rp 105 and Rp 112, the firm aims to raise around Rp 120 billion.
The company began the bookbuilding process on Monday and is expected to be listed on the Indonesia Stock Exchange (IDX) on July 7 under the ticker symbol TGUK.
Founded in 2018, Teguk had 145 outlets in the provinces of Jakarta, Banten and West Java, as well as one store in New York, the United States, as of the end of last year.
Those outlets sell popular F&B products, such as ice tea, ice coffee, bubble drinks, ice cream and toast.
Last year, it booked Rp 128.3 billion in sales, marking a 15.4 percent increase from 2021. Around 94 percent of that turnaround come from beverages. In the same period, the firm's net profit jumped 46.4 percent to Rp 12.6 billion.
According to the prospectus, Teguk aims to use 60 percent of the new capital to establish 125 new outlets in West Java, Central Java and East Java. It also plans to offer a new retail concept involving 12 food trucks.
