IPO HighLight PT Yupi Indo Jelly Gum (YUPI)
Company Description
PT Yupi Indo Jelly Gum (YUPI) is a leading Indonesian gummy candy manufacturer, with a strong presence across Southeast Asia and international markets. Initially established as a joint venture with a prominent European gummy producer in 1996, YUPI has grown to become the largest gummy confectionery manufacturer in Southeast Asia, producing over 50 million pieces daily. As the market leader in Indonesia’s soft candy industry, YUPI holds a 66.5% market share domestically and continues to expand its footprint globally.
YUPI has developed over 60 unique SKUs, including its well-known Gummy, Bolicious, Extruded Soft Candy, and Marshmallow products. YUPI currently operates one production facility in Gunung Putri, West Java, one production facility in Karanganyar, Central Java, and one packaging facility in Samolo, West Java.
The company's estimated total production capacity by the end of 2024 is approximately 92,880 tons per year. Some of its notable projects include Yupi Line 8 and Line 9 factories in Karanganyar, as well as its ongoing expansion in Nganjuk, East Java, set to further strengthen its production capacity.
Investment Highlights
The company aims to raise up to IDR 2.13 trillion through this IPO by offering 854.44 million shares (10%) to the public, consisting of IDR 640.8 billion from the sale of 256.3 million new shares and IDR 1.49 trillion from the divestment of 598.1 million shares. However, the company will receive only approximately IDR 540–640 billion. Around 77% of that amount will be allocated for the construction of a new factory in Nganjuk, East Java. The total construction cost is estimated at IDR 437.5 billion, with the earliest operational target set for 2026
At an offering price range of IDR 2,100 per share, YUPI’s valuation translates to a 2024 price-to-earnings (PE) ratio of 27.79x and a post-IPO price-to-book value (PBV) of 6.4x. YUPI operates in a competitive market alongside industry peers, with its position strengthened by a strong market presence. The company has room for growth, supported by its ongoing factory expansion, which is expected to enhance production capacity and improve cost efficiencies over time. However, the extent of these benefits may be influenced by broader economic conditions, including the potential impact of weaking consumer purchasing.
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