Jakarta. Lovina Beach Brewery, a Bali-based craft beer producer, has announced plans to go public through an initial public offering (IPO). The company, which touts itself as Indonesia's sole craft beer producer, intends to issue 1.18 billion shares to the public at an initial price of Rp 100 per share.

The primary goal of this IPO is to secure fresh capital amounting to Rp 140 billion ($9.1 million), which Lovina Beach Brewery aims to utilize for expanding its operations.

As of now, the company's ownership is divided among several shareholders, including Barito Mas Sukses (85.74 percent), Christopher Sumasto Tjia (0.63 percent), Felicia Mega SD (3.14 percent), Suhendra Widjaja (3.67 percent), Fanny Setiadi Faizal (3.41 percent), and Constantius Kadarisman (3.41 percent). 

Jakarta-born Christopher, 49, has been identified as the ultimate beneficial owner of Lovina Beach Brewery.

The IPO is scheduled to take place from October 3 to October 6, with Artha Sekuritas serving as the underwriter.

In the first quarter of this year, Lovina Beach Brewery reported a net revenue of Rp 10.8 billion, marking a remarkable year-on-year increase of 183.45 percent. This surge in revenue coincided with the return of tourists to Bali and a swift recovery in business following the pandemic.

Additionally, the company recorded a net profit of Rp 19.49 billion during the same period, a significant turnaround from the Rp 638.22 million loss reported in the first quarter of the previous year.

Lovina is the producer of the local beer brand Stark.