JAKARTA, JOURNALARTA.COM – PT Rans Entertainment Indonesia Tbk, better known as RANS, the entertainment and media company founded by public figures Raffi Ahmad and Nagita Slavina, is set to list on the Indonesia Stock Exchange (IDX).
The company’s initial public offering, or IPO, is scheduled for mid-July 2026 and aims to raise up to Rp429.25 billion. Below is a full breakdown based on the official prospectus submitted to the Financial Services Authority (OJK) and the IDX.
IPO Schedule and Price Range
The share sale has entered the bookbuilding stage, which ran from June 23 to 25, 2026. The initial offering price range is set at Rp135 to Rp170 per share, with a nominal value of Rp10 per share.
Here is the official IPO timeline for RANS:
- OJK effective date: June 30, 2026
- Public offering period: July 2 to 8, 2026
- Share allotment date: July 8, 2026
- IDX listing date: July 10, 2026
In this offering, RANS is releasing 2.525 billion new shares, equivalent to 20.02 percent of its total issued and fully paid-up capital after the public offering is completed.
Fundraising Target and Underwriter
Based on the proposed price range, the amount of funds RANS expects to raise varies.
- At the top end of Rp170 per share, proceeds could reach Rp429.25 billion.
- At the bottom end of Rp135 per share, the company would receive Rp340.87 billion.
After the listing, RANS’ projected market capitalization is estimated at between Rp1.70 trillion and Rp2.14 trillion, depending on the final offer price.
The offering is being underwritten and executed by PT Trimegah Sekuritas Indonesia Tbk as the lead underwriter.
How IPO Proceeds Will Be Used
All proceeds after deducting issuance costs will be allocated to six strategic needs:
1. Debt repayment: 6.98 percent, or Rp29.96 billion, will be used to repay debt to PT Bank Negara Indonesia (Persero) Tbk ahead of schedule.
2. Educational playground expansion: 18.64 percent, or Rp80.01 billion, will fund the development and expansion of an educational playground called Cipungland.
3. Event production: 37.61 percent, or Rp161.43 billion, will finance concerts and performances involving local and international artists in various Indonesian cities.
4. Technology development: 8.15 percent, or Rp34.98 billion, will be used to establish a new business entity with PT Feedloop Global Technology, focused on artificial intelligence, or AI.
5. Business acquisition: 19.80 percent, or Rp84.99 billion, will be used to acquire shares in PT Rans Kosmetika Indonesia.
6. Capital injection: The remaining 8.82 percent will be injected as working capital into PT Rans Nikmat Sejahtera, which operates in food and beverage.
Financial Performance and Valuation
In its 2025 fiscal-year financial report, RANS recorded operating revenue of Rp353.38 billion and net profit of Rp56.69 billion.
At the indicated offer price, the company’s price-to-earnings ratio, or PER, stands at 30 to 38 times. Phintraco Sekuritas analyst Alrich Paskalis said the valuation falls into premium territory, or relatively high, considering the company is still in a development stage and has yet to show a very stable profit growth pattern.
Still, RANS is viewed as a unique presence on the stock exchange because it is the only issuer combining media, entertainment, intellectual property management, and a digital content ecosystem under one corporate umbrella.
Shareholding Structure
Before the public offering, RANS’ shareholding structure is dominated by its founders:
– Raffi Ahmad: 78.68 percent
– Nagita Slavina: 1.24 percent
– Kaesang Pangarep: 1.14 percent
– PT Indonesia Entertainmen Grup: 9.04 percent
– Soultan Ariq Rachman: 3.43 percent
– Dony Oskaria: 3.42 percent
After the IPO is completed, the ownership stakes of the major shareholders will decline but will still leave them in control:
– Raffi Ahmad: 62.93 percent
– Nagita Slavina: 0.99 percent
– Kaesang Pangarep: 0.91 percent
One of the key risks disclosed in the prospectus is the company’s reliance on the image and popularity of its two main founders, Raffi Ahmad and Nagita Slavina.
Free-Float Compliance
The IPO drew attention because the public portion being sold is only 20.02 percent, while IDX Regulation No. I-A/2026 requires companies with market capitalizations below Rp5 trillion to have at least 25 percent free float.
According to the IDX, RANS’ listing application documents were received before March 31, 2026, so the review was carried out under the rules in effect at that time.
In addition, if the shares held by existing shareholders that qualify as free-float shares are included, the total post-IPO free float reaches 28.85 percent, which meets and exceeds the applicable threshold.
Business Model and Outlook
RANS manages an ecosystem spanning 11 subsidiaries and 4 associate entities with varied lines of business, including content and animation film production, advertising services, cosmetics, food and beverage, and event promotion.
Its business model centers on developing and managing intellectual property and monetizing audiences and followers across platforms. President Director Nagita Slavina has also stated her commitment to serve in the role for at least the next three years from the listing date.
Analysts say RANS’ business prospects remain attractive given the broad monetization potential across digital content, talent management, product licensing, entertainment venues, and the adoption of artificial intelligence technology.
What Investors Should Watch
RANS stands out as one of the most anticipated issuers in Indonesia’s capital market because it brings a celebrity-led entertainment business to the exchange. Its July 10, 2026 listing will test how investors value media, IP, and content-driven growth in one package.
For retail investors, the key questions are clear: how sustainable are the profits, how strong is the brand beyond its founders, and whether the premium valuation can hold after listing. Those answers will likely shape trading in the weeks after the IPO.
Looking ahead, the market will watch whether RANS can turn its wide audience reach into steadier earnings once its shares begin trading on the IDX.
Quick summary
• RANS plans to list on the IDX on July 10, 2026, and targets proceeds of up to Rp429.25 billion.
• The IPO price range is Rp135 to Rp170 per share, with funds earmarked for debt repayment, expansion, acquisitions, and AI development.
• The company’s valuation is seen as premium, but its mixed media-and-entertainment business model makes it unusual on the exchange.
FAQ
When will RANS shares list on the IDX?
July 10, 2026.
How much does RANS aim to raise?
Up to Rp429.25 billion at the top of the price range.
Who is the lead underwriter?
PT Trimegah Sekuritas Indonesia Tbk.
Does the IPO meet free-float rules?
Yes, total free float after the IPO is 28.85 percent.
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