PT RANS Entertainmen Indonesia, a media and entertainment company founded by celebrity couple Raffi Ahmad and Nagita Slavina, is seeking to raise up to 429.2 billion rupiah ($24 million) through an initial public offering, according to its prospectus filed with the IDX on Tuesday.
The company plans to offer up to 2.53 billion new shares, representing 20.02% of its enlarged capital, at an indicative price range of 135-170 rupiah apiece. At the top end of the range, the offering would value the company at about 2.14 trillion rupiah ($119.8 million).
The development confirms a DealStreetAsia report earlier in March.
Unlike many recent IPO candidates, RANS is not raising capital solely to expand existing operations. The transaction also marks a significant step in reorganising the company’s shareholder structure ahead of its transition into a publicly listed entity.
Currently, Raffi Ahmad controls 78.68% of the company. Following the offering, his stake will decline to 62.93%, although he will remain the controlling shareholder by a wide margin. PT Indonesia Entertainmen Grup, the second-largest shareholder and a subsidiary of Surya Citra Media (SCMA) under the Emtek Group, will see its ownership diluted to 7.23% from 9.04%.
Several prominent investors, including Dony Oskaria who currently serves as COO of Danantara; Sutanto Hartanto, SCMA Managing Director and Vidio CEO; and Kaesang Pangarep, the second son of former Indonesian president Joko Widodo, will also see their stakes reduced proportionately. Public investors will collectively own 20.02% of the company after the listing.
The prospectus shows that all existing shareholders will be subject to an eight-month lock-up period following the IPO. Raffi Ahmad has separately committed to maintaining control of the company for at least three years after listing, barring circumstances required by law or court order.
The proceeds from the IPO are earmarked for a mix of debt repayment, expansion projects, and new business initiatives. About 7% of the funds will be used to fully repay an outstanding loan from Bank Negara Indonesia, while nearly 19% will be allocated to developing “Cipungland”, an educational-themed family entertainment destination inspired by Raffi Ahmad and Nagita Slavina’s son, Rayyanza Malik Ahmad.
Another 38% of the proceeds will be used to support concert and live entertainment activities featuring local and international performers across Indonesia. The company also plans to allocate funds to establish an artificial intelligence venture with PT Feedloop Global Teknologi, acquire a stake in cosmetics company PT Rans Kosmetika Indonesia, and inject additional capital into subsidiary PT Rans Network Sentosa to support business expansion.
The fundraising comes as RANS seeks to diversify beyond its roots as a content and talent-management business. According to the prospectus, the group now operates across content production and distribution, intellectual property management, events and live entertainment, advertising, theme parks, gaming venues, and holding company activities.
The strategy comes at a time when the company’s financial performance has softened. Revenue declined for a second consecutive year to 353.4 billion rupiah in 2025 from 410.5 billion rupiah in 2024 and 437.8 billion rupiah in 2023. Net profit also fell 41.6% to 56.7 billion rupiah in 2025 from 97.1 billion rupiah a year earlier.
One of the sharpest declines came from RANS’s brand ambassador and talent management business, where revenue dropped by more than half to 51.9 billion rupiah in 2025 from 107.2 billion rupiah in 2024. The company attributed the weaker performance to market conditions while also noting the absence of contributions from a previously divested subsidiary.
Despite the weaker top line, RANS improved its gross profit margin to 43.2% in 2025 from 38.8% a year earlier as costs declined faster than revenue. As of the end of 2025, the company held 100.1 billion rupiah in cash and cash equivalents.
One of the most notable disclosures in the prospectus is the company’s acknowledgement that its business remains heavily reliant on Raffi Ahmad and Nagita Slavina. RANS identified dependence on the celebrity couple and their family as its principal business risk, warning that reduced involvement or reputational issues could materially affect its operations and financial performance.
PT Trimegah Sekuritas Indonesia is acting as the sole lead underwriter for the offering. The company is expected to obtain regulatory approval on June 30 and target a market debut on July 10 under the ticker RANS.
