RANS Shares Surge 34% After IPO as Company Rejects Money Laundering Rumors and Defends Transparency

JAKARTA, Investortrust.id — Shares of PT Rans Entertainment Indonesia Tbk (RANS) jumped 34.12% on their Indonesia Stock Exchange (IDX) debut Friday as the celebrity-backed media company dismissed renewed money laundering allegations and positioned its public listing as proof of corporate transparency.

The stock opened at Rp228 from its IPO price of Rp170, immediately triggering Indonesia's upper auto-rejection limit (ARA) as investor demand pushed shares to their daily trading cap.

RANS has become one of Indonesia's highest-profile consumer IPOs, reflecting growing investor appetite for creator-led businesses and intellectual property (IP)-driven business models.

The company's strong debut also comes as management seeks to reassure investors following renewed social media speculation linking RANS to alleged money laundering, an accusation the company firmly rejects.

Speaking after the IPO ceremony at the Indonesia Stock Exchange, RANS President Commissioner Darwin Cyril Noerhadi said the allegations were based on rumors rather than evidence.

"The issue of money laundering is more about rumors than facts," Darwin told reporters during the company's post-listing press conference on Friday.

He said the company's valuation has been driven by business performance and strategic investments rather than speculation.

Darwin highlighted PT Elang Mahkota Teknologi Tbk (EMTK)—Indonesia's leading digital media and technology group—which invested Rp248 billion ($15.6 million) in RANS in 2021.

"Back in 2021, when EMTK invested Rp248 billion, representing around 17% to 18% ownership, the company's valuation had already reached Rp1.3 trillion ($81.8 million)," he said.

According to Darwin, RANS' valuation has since increased by roughly 10% to more than Rp2 trillion ($125.8 million).

He added that becoming a publicly listed company demonstrates the company's commitment to transparency and compliance with Indonesia's capital market regulations.

"The IPO is important because it presents the facts about this listed company transparently, in accordance with the regulations of the Financial Services Authority (OJK) and the Indonesia Stock Exchange," Darwin said.

Strong IPO Demand

RANS became the seventh company to list on the Indonesia Stock Exchange in 2026 after issuing 2.525 billion new shares, representing 20.02% of its enlarged share capital.

The offering raised Rp429.25 billion ($27 million).

Investor appetite was strong, with the IPO reportedly attracting nearly one million investors and ending the book-building process significantly oversubscribed.

Trading volume reached 7,683 lots early in Friday's session, generating transaction value of approximately Rp175.17 million ($11,000) across 1,580 trades.

Expansion Focused on AI and Intellectual Property

The IPO proceeds will finance RANS' long-term expansion strategy across entertainment, technology and consumer businesses.

Approximately 37.61% of the proceeds, or about Rp161.5 billion ($10.2 million), will fund concert and live entertainment operations across Indonesia.

Another 19.80%, or around Rp85 billion ($5.3 million), will be used to acquire a 51% stake in PT Rans Kosmetika Indonesia (Slavina).

The company will allocate 18.64%, equivalent to roughly Rp80 billion ($5 million), to develop Cipungland, an educational family entertainment park.

Around 8.15%, or approximately Rp35 billion ($2.2 million), will fund a joint venture with PT Feedloop Global Teknologi to develop artificial intelligence-based businesses.

The remaining proceeds will be used for partial debt repayment and to strengthen the working capital of subsidiary PT Rans Nikmat Sejahtera.

Raffi Ahmad: Going Public Marks a New Chapter

Founder Raffi Ahmad described the IPO as the beginning of a new phase rather than the culmination of the company's journey.

"Today we are not celebrating the end of our journey, but a new beginning," Raffi said during the IPO ceremony.

"Becoming a public company means we choose to grow with higher standards, greater transparency and greater accountability to all shareholders and the people of Indonesia. Public trust is a responsibility that we will continue to uphold through good governance and sustainable growth."

RANS Chief Executive Nagita Slavina said the listing also represents a milestone for Indonesia's creative economy.

"Indonesia has extraordinary creative talent," she said.

"The next challenge is transforming creativity into intellectual property, professionally managed companies and, ultimately, sustainable economic value and job creation."

Questions Over Shareholders

Raffi also revealed that prominent Indonesian businessman Andi Syamsuddin Arsyad, better known as Haji Isam, owns more than 1% of RANS shares and has served as one of his business mentors.

"He believes in RANS and believes in me. He has also become one of my mentors," Raffi said after the listing ceremony.

However, the latest shareholder register published in the IPO prospectus does not list Haji Isam or any affiliated entity among shareholders owning more than 1% of the company.

According to the prospectus, Raffi remains RANS' controlling shareholder with 62.93% ownership following the IPO.