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Back to topLeading Indonesian law firm Hiswara Bunjamin & Tandjung has advised PT Yupi Indo Jelly Gum Tbk (Yupi) and its previous controlling shareholder, PT Sweets Indonesia (Sweets), on the successful completion of Yupi’s initial public offering (IPO) and simultaneous acquisition of Sweets’ entire stake in Yupi by Affinity Equity Partners, one of Asia’s leading private equity firms.
The IPO raised just over 2 trillion rupiah (US$123 million), representing a 10% stake in Yupi. Concurrently, Affinity Equity Partners acquired the remaining 90% stake, valuing the entire company at US$1.2 billion. Primary offering proceeds will be allocated for working capital and expansion, including the construction of a new factory in Nganjuk, East Java.
"Completing the IPO for Yupi is a sweet achievement for our firm. We managed to navigate this complex situation with precision, showcasing our experience and expertise," said managing partner Tjahjadi Bunjamin.
This landmark transaction represents the first IPO in Indonesia to involve both a change of control of the issuer and a full exit of the previous controller. Yupi was acquired by Affinity Equity Partners through PT Confectionery Consumer Products Indonesia.
This deal required navigating complex regulatory frameworks involving the Indonesia Financial Services Authority and the Indonesia Stock Exchange while addressing issues related to the simultaneous IPO and acquisition processes.
Partner Dandy Firmansyah added, "It's a significant milestone in Indonesia’s capital markets and sets a precedent for future transactions of this nature."
Yupi, established in 1996, is renowned for producing Indonesia’s beloved gummy candy brand “Yupi” and distributes its products across Southeast Asia and to 36 other countries.
The transaction was led by Tjahjadi Bunjamin and Dandy Firmansyah, supported by senior associate Yurico Mandali and associates Muhammad Rahmadan, Anindita Yulidaningrum Purba, Maria Hartanty Gunawan, Derek Joedaatmadja, and Arya Raditya Tjahjono.
MEDIA CONTACTS
Richard Pedler, Hiswara Bunjamin & Tandjung, Jakarta
(M +62 812 9391 3991 E richard.pedler@hbtlaw.com)
Dora Cheok, Herbert Smith Freehills, Singapore
(M +65 9232 521 E dora.cheok@hsf.com)
