Businessman Hermanto Tanoko has revealed plans for a new corporate breakthrough, announcing that one of his companies in the chemical sector is preparing for an initial public offering (IPO) on the Indonesia Stock Exchange (IDX).

According to the Tancorp founder, the asset value of the entity set to go public is currently below Rp1 trillion (US$61.6 million), but the estimated IPO proceeds could reach trillions of rupiah.

“It’s still in the pipeline, but everything has to perform well first,” Hermanto told reporters at the IDX building in Jakarta on Thursday, July 10, 2025.

He added that the upcoming listed company operates in the chemical sector with a business-to-consumer (B2C) model, aiming to leverage the wide distribution network of Avian Brands − Tanoko’s flagship paint and building materials enterprise. The company's line of business will remain closely related to construction materials and is expected to go public within the next one to two years.

Hermanto explained that the choice to list a chemical company reflects his commitment to strengthening Indonesia’s industrial ecosystem. He hopes more domestic firms can rise as market leaders rather than relying on imported products.

He also urged his R&D teams to focus not just on replicating existing products but on developing innovative, value-added solutions.

“I challenge every company under Tancorp to keep growing and make us proud,” Hermanto said.

He emphasized that IPO decisions within the Tancorp Group are often driven by timing and opportunity, and while plans are in motion, he acknowledged that not all IPOs may proceed according to the original timeline.

Hermanto also played a key role in Thursday’s IPO of Merry Riana Edukasi (MERI) − a company in the education sector. MERI became the 21st company listed on the IDX this year and the first education company to go public in 2025. Tancorp joined as a shareholder in MERI in 2024, providing strategic support for digital transformation, new branch expansion, and IPO preparation.

Before the IPO, MERI's ownership was divided between PT Merry Riana Indonesia (74.99 percent) and PT Tancorp Investama Mulia (25 percent). Following the IPO, 25 percent of shares were released to the public, diluting Tancorp’s stake to 18.75 percent.

MERI debuted strongly on the market, with its stock price jumping 34 percent or 44 points to Rp172 per share in the first trading session at 9:01 AM Jakarta time. Around 440,000 shares were traded, with a transaction value of Rp7.58 billion.

MERI offered 235 million shares, representing 22 percent of the company’s paid-in capital. Priced at Rp128 per share, the IPO raised approximately Rp30 billion in fresh capital.

MERI President Director Merry Riana said the company’s asset-light model − built on partnerships and leasing − supports rapid expansion without heavy financial burdens, enabling sustainable growth.

“I believe the future of education is not defined by who can create the best curriculum, but by who can build the best ecosystem,” Merry said.