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Nightclub operator Holywings gears up for Asia expansion, IPO
The company declined to disclose the target size for the listing but revealed that its current valuation was around US$300 million, a significant increase from the $150,000 the founders initially invested a decade ago.
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An undated photo shows guests at Holywings Group’s Atlas Super Club in Bali. (Atlas Super Club/-)
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T Aneka Bintang Gading, or Holywings Group, is gearing up for an initial public offering (IPO) on the Indonesia Stock Exchange next year, co-founder Ivan Tanjaya revealed in an interview with Bloomberg last week.
While Ivan declined to disclose the target size of the listing, he revealed that Holywings’ current valuation stood at around US$300 million, a significant increase from the $150,000 the founders initially invested a decade ago.
He noted that the IPO proceeds would be used as working capital, particularly for international expansion, though the company remained open to other funding options.
The company, a major player in Indonesia’s bar and nightclub scene that operates Atlas Super Club in Bali, plans to build a similar venue in Bangkok as its first overseas venture.
The new club in Thailand would carry the same name and have a capacity of 1,000 people, making it one of the largest nightclubs in the country. Ivan expected the club to open before the Songkran festival in April, which typically draws over a million foreign visitors.
For comparison, Atlas Super Club in Bali, which the firm claims is the largest beach club in the world, could attract an average of 60,000 customers each month, with number soaring to as many as 10,000 per day during holidays.
Overall, Holywings aims to grow its portfolio from the current 50-plus bars and restaurants to more than 80 by the end of next year, with plans to also expand into Kuala Lumpur, Seoul and Taipei.
