One of the major cinema chains in Indonesia, Cinema XXI, has recently been listed on the Indonesia Stock Exchange. This successful IPO has made Benny Suherman, the co-founder and major shareholder of the company, a billionaire with an estimated net worth of $1.1 billion. Cinema XXI owns a majority of the theaters in Indonesia.
Shares of PT Nusantara Sejahtera Raya, the chain’s owner, were priced at 270 rupiah and the IPO was oversubscribed 25 times. The 10% stake that was offered raised 2.2 trillion rupiah ($145 million), valuing Cinema XXI at 22.5 trillion rupiah ($1.5 billion).
PT Harkatjaya Bumipersada and PT Adi Pratama Nusantara, which are owned by Cinema XXI co-founders Benny Suherman and Harris Lasmana, will retain 90% of the ownership.
Benny Suherman, the majority stakeholder with a 54% ownership through his holding firm PT Harkatjaya Bumipersada, sold a portion of his shares to Salween Investment Private Limited during the IPO. Salween Investment is an investment vehicle for Singapore’s state-owned investment fund, GIC. Harris Lasmana, Suherman’s business partner, also sold some shares but still owns 13.5% of the company.
Suherman is recognized as a trailblazer in the Indonesian movie distribution industry. He co-founded the company, known then as Subentra Nusantara, in collaboration with Harris Lasmana and Sudwikatmono, the late cousin of former president Suharto, in 1988. Sudwikatmono later sold his shares to Suherman and Lasmana in the late 1990s.
Cinema XXI has 225 theaters with 1,216 screens—more than four of its rivals combined—and plans to invest $40 million to add another 80 screens this year.
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