NAME: Yupi Indo Jelly Gum IPO and acquisition by Affinity Equity Partners
LAW FIRMS: Hiswara Bunjamin & Tandjung, Skadden Arps Slate Meagher & Flom
JURISDICTIONS: Indonesia
PRACTICE AREAS: Capital markets, Private equity
INDUSTRY SECTOR: Consumer goods and services
Yupi Indo Jelly Gum’s IPO and simultaneous acquisition by Affinity Equity Partners is our deal of the month for May.
At the end of March, the IPO of Yupi Indo Jelly Gum (Yupi) raised 2 trillion rupiah ($123 million) on the Indonesia Stock Exchange, which represented a 10% stake in the company. At the same time, Yupi’s controlling shareholder, PT Sweets Indonesia (Sweets) sold its entire 90% stake to Hong Kong-based Affinity Equity Partners. The Jakarta-based gummy candy maker is valued at $1.2 billion.
This landmark transaction was the first IPO in Indonesia to involve both a change of issuer control and a complete exit from the previous controller.
The company plans to use its IPO net proceeds to build a new factory in East Java and to ramp up its domestic and international expansions.
A team from Hiswara Bunjamin & Tandjung advised Yupi and Sweets. It was led by managing partner Tjahjadi Bunjamin and partner Dandy Firmansyah. They were supported by senior associate Yurico Mandali.
Advising Sweets was a Skadden Arps Slate Meagher & Flom team that included corporate partners Rajeev Duggal and Jonathan Stone, and counsel Andrew Cohn.