Indonesia’s Dairy Firm Cimory Weighing $300 Million IPO

Cimory Group, best known for its yogurt drinks, is considering an initial public offering in Jakarta as soon as this year, according to people with knowledge of the matter.

The Indonesian company is working with advisers on the planned share sale, said the people, who asked not to be named as the information is private. The offering could raise about $300 million, which could be the country’s largest IPO since Asuransi Jiwa Sinarmas Msig Tbk’s $334 million share sale in 2019, one of the people said.

Details of Cimory’s offering could still change as deliberations continue, the people said. The company has been exploring a few strategic fundraising avenues to support its future growth, a Cimory representative said in an emailed response to Bloomberg News, adding there’s no final decision on structure or size as it’s still very early in the process.

Cimory could be joining gold miner PT Archi Indonesia and the state-owned geothermal merged entity in seeking a listing in Southeast Asia’s biggest economy. Companies have raised $117 million through first-time share sales in Indonesia this year, less than the $163 million raised over the same period in 2020, data compiled by Bloomberg show. PT Kalbe Farma, the country’s biggest drugmaker by market value, this month postponed the $500 million IPO of its nutritional food unit.

Founded in 1992, Jakarta-based Cimory makes dairy, soy, and egg products under various brands including Cimory, Kanzler and Besto, according to the website of buyout firm Creador, which was its investor. Cimory has manufacturing facilities in Greater Jakarta and Central Java.

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