Serena Williams-backed Kopi Kenangan eyes $1B IPO as coffee chain expands

Serena Williams joins Jay-Z in backing Kopi Kenangan’s potential $1B IPO

Serena Williams has backed Kopi Kenangan’s push toward a $1 billion initial public offering, the coffee chain confirmed on 17 July 2026. The Indonesian chain, which uses only Indonesian-grown beans, has approached banks about a listing while Singapore remains on the shortlist for where to list. Both Williams and Jay-Z invested through Serena Ventures and Roc Nation in 2019.

What happened at Kopi Kenangan

Kopi Kenangan has not made any decisions on an IPO, including timing, location, or valuation, Junxian Li, the company’s vice president of corporate finance and development, said in an emailed statement. Li added the company regularly evaluates financing options to support expansion and shareholder returns. The chain operates more than 1,300 stores across six countries and plans roughly 550 new openings through 2026.

Why Serena Williams matters here

Williams and Jay-Z became investors in 2019, committing capital through their respective ventures. The backing underscores Williams’ push beyond sports into venture investing via Serena Ventures. Kopi Kenangan’s 2025 revenue rose 45% year over year to $184 million, with net profit of $17 million, according to a January LinkedIn post by Edward Tirtanata, the co-founder and group chief executive.

What comes next for the coffee chain

Kopi Kenangan has not formally appointed banks to lead an IPO process, The Wall Street Journal reported. The company’s expansion targets include Malaysia, India, and Australia, where it already operates. Tirtanata said in January the company cannot wait to act like a public company even before any listing bells ring.