PT Abadi Lestari Indonesia (RLCO), an issuer specializing in swiftlet nest exports and health products, has set its initial public offering (IPO) price at Rp 168 per share. This figure represents the upper end of the previously offered price range, signaling strong market confidence.
According to the latest information, Abadi Lestari is scheduled to list on the Indonesia Stock Exchange (BEI) on December 8, 2025. Through this IPO, the company aims to secure fresh funds totaling up to Rp 105 billion.
“The company hereby conducts an Initial Public Offering of 625,000,000 ordinary shares, which are new shares, with a nominal value of Rp 50,” the management stated in an additional IPO prospectus released on Monday (December 1).
In this IPO, RLCO will release 625 million shares, constituting 20% of its total issued and fully paid-up capital. Samuel Sekuritas Indonesia is acting as the underwriting agent for this IPO process.
Read also:
- IHSG Rises to 8,517 in Session I, Bakrie Group Shares BUMI, BRMS, and ENRG Soar
- Garuda Indonesia (GIAA) Massive Rp 23 Trillion Private Placement, Will Rights Issue Follow?
- OJK Optimistic Indonesia’s Chances of Becoming a Full OECD Member Are Growing
Here are several crucial facts regarding RLCO’s IPO:
RLCO’s Profile and Business Direction
RLCO, traditionally recognized as a prominent swiftlet nest exporter, is now strategically expanding its horizons into the burgeoning health and premium food product sectors. The IPO prospectus details the company’s comprehensive business activities, which span swiftlet breeding and cultivation, wholesale trade of chicken meat and its processed products, local chicken farming, and the distribution of livestock-based food and beverages.
This diversified portfolio is meticulously crafted to cater to Indonesia’s expanding upper-middle-class consumer segment, a demographic firmly believed to be the engine of the company’s long-term growth. The outlook for the swiftlet nest sector itself remains robust. While Indonesia’s export value in 2024 reached US$551.556 thousand, showing a 12.9% dip from its 2023 peak, this decrease is largely attributed to a market normalization following a surge in previous demand, coupled with importer stock adjustments and stricter customs regulations. Historically, the 2024 performance remains at a high level, laying a strong foundation for a promising 2025.
In the domestic market, the supplement industry mirrors a similar upward trajectory. Throughout 2024, sales of health products soared to Rp 10.7 trillion, with food supplements accounting for approximately 55% of this total. The burgeoning wellness trend, detox diets, and heightened awareness of immunity and healthy lifestyles are significantly driving demand, while collagen-based products, herbal remedies, and modern processed swiftlet nest products continue to exhibit remarkable growth.
Use of IPO Funds
The net proceeds from the IPO, after deducting issuance costs, will be strategically allocated to two primary areas. Approximately 56.33% is earmarked for working capital, primarily designated for the procurement of raw swiftlet nest materials. The remaining 43.67% will be injected into its subsidiary, PT Realfood Winta Asia, as capital participation, also intended for the purchase of similar raw materials. The company emphasizes that this additional working capital from the IPO is crucial for optimizing the utilization of its factory capacity, which is currently not operating at its maximum potential.
With the backing of this new funding, the company anticipates a significant boost in operational capacity and productivity, consequently driving substantial revenue growth. As of the prospectus issuance, the company has yet to finalize new agreements with suppliers, whether existing or new. Should the IPO funds prove insufficient, the company maintains flexibility by exploring alternative funding options, including third-party loans or utilizing internal funds.
Financial Performance
As of May 31, 2025, RLCO showcased impressive financial results, recording sales of Rp 231.31 billion, marking a substantial 47.55% increase from Rp 156.76 billion reported during the same period in the prior year. The cost of goods sold naturally rose in tandem, reaching Rp 178.53 billion from Rp 120.17 billion previously. This robust sales growth propelled a significant surge in net profit, which reached Rp 12.33 billion, an astounding 608% jump compared to Rp 1.74 billion year-on-year (yoy).
Changes in Capital Structure and Shareholders of RLCO
Following the full absorption of all IPO shares by the market, RLCO’s capital structure and shareholder composition will undergo adjustments. The company’s authorized capital will remain at Rp 500 billion, with a nominal value of Rp 50 per share. However, the issued and fully paid-up capital will increase from 2.5 billion shares to 3.12 billion shares, equivalent to an increase from Rp 125 billion to Rp 156.25 billion.
In terms of ownership, PT Realco Omega Investama will remain the largest shareholder, holding 2.42 billion shares. The controlling shareholder, Edwin Pranata, will possess 72.50 million shares, while Budiono and Edi Haryanto will each hold 1.25 million shares. The public’s ownership stake will reach 625 million shares, representing 20% of the total shares after the IPO.
RLCO’s Dividend Policy
RLCO’s management has outlined a clear dividend distribution plan, aiming to disburse up to 25% of the current year’s net profit, commencing from the fiscal year 2025 onwards. The actual distribution of dividends, however, remains contingent upon the approval of the General Meeting of Shareholders (GMS) and the availability of positive retained earnings. The company unequivocally assures that its dividend policy will not jeopardize its financial health or overall risk profile.
If approved by the GMS, dividends will be distributed to shareholders recorded in the list of eligible shareholders, while meticulously adhering to all applicable tax regulations. The formulation of this dividend policy carefully considers existing regulations, future capital requirements, the company’s financial robustness, and its long-term business prospects. Historically, RLCO has distributed dividends once in the past three years, specifically a stock dividend totaling Rp 25 billion.
Summary
PT Abadi Lestari Indonesia (RLCO), an exporter specializing in swiftlet nests, has set its initial public offering (IPO) price at Rp 168 per share, aiming to raise up to Rp 105 billion. The company is scheduled to list on the Indonesia Stock Exchange on December 8, 2025, by releasing 625 million shares, representing 20% of its capital. RLCO is strategically expanding its business beyond swiftlet nest exports into health and premium food products, targeting Indonesia’s upper-middle-class consumer segment.
The net proceeds from the IPO will primarily be allocated as working capital for the procurement of raw swiftlet nest materials, both for RLCO and its subsidiary, PT Realfood Winta Asia, to optimize factory capacity. As of May 31, 2025, RLCO demonstrated strong financial performance, with sales increasing by 47.55% to Rp 231.31 billion and net profit soaring by 608% year-on-year to Rp 12.33 billion. The company intends to distribute up to 25% of its current year’s net profit as dividends starting from fiscal year 2025, pending approval.
