<article>Starbucks operator MAP Boga Adiperkasa, which is also backed by American equity firm <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=General+Atlantic">General Atlantic</a>, is planning to tap the capital market this year.</article>

Starbucks operator MAP Boga Adiperkasa, which is also backed by American equity firm <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=General+Atlantic">General Atlantic</a>, is planning to tap the capital market this year.
Parent company <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=mitra+adiperkasa">Mitra Adiperkasa (MAP Group)</a> confirmed recently that the process of initial public offering (IPO) &#8211; where it plans to sell 20 percent stake &#8211; has already begun.
As stated in the 2016 <a style="color: #000080;" href="http://www.dealstreetasia.com/stories/indonesia-general-atlantic-subscribes-to-maps-80-9m-convertible-bonds-58644/">agreement</a>, General Atlantic (GA) will hold 29.9 per cent of shares in MAP Boga after the IPO. The shares will be convertible from the $80.9 million zero-coupon bonds it subscribed a year ago.
GA has invested in various retail and F&amp;B companies including luxury lifestyle brand Tory Burch, fashion brand ZIMMERMAN, Barteca Holdings, and Joe &amp; the Juice, among others. In Asia, it has 18 investment professionals based in the firm’s four offices across the region including Beijing, Hong Kong, Mumbai and Singapore.
The transaction with MAP marked GA’s first venture into the Indonesian market.
MAP Boga operates five exclusive brands in Indonesia: Starbucks, Pizza Express, Krispy Kreme, Cold Stone Creamery, and GODIVA, and has over 300 stores across 24 cities.
Analysts at Maybank Kim Eng said that the IPO is in line with the company’s restructuring plan for the business unit. Despite the dilution of MBA’s contribution to consolidated earnings, its IPO could potentially unlock the value of the F&amp;B business unit and support the re-rating of parent company.
“Given that GA paid a total transaction value of Rp 1.08 trillion for a 30% stake in the restructured F&amp;B business, the implied EV for MAP Boga is Rp 3.6 trillion ($271.3 million) which corresponds to c.2x FY16F EV/sales. MAP Group’s stock currently trades on c.0.6x EV/sales,” Maybank KE team said in a report.
In 2017, MAP Group plans to open 200 new retail shops (including 60 new Starbucks branches) in its food and beverage division.
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Indonesia: General Atlantic-backed Starbucks operator MAP Boga mulls IPO this year

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Indonesia: General Atlantic-backed Starbucks operator MAP Boga mulls IPO this year

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