Bird’s nest export company PT Abadi Lestari Indonesia Tbk. (RLCO) will list on the Indonesia Stock Exchange (BEI). Its initial public offering (IPO) is priced at IDR 168 per share, issuing 625 million shares, raising a total of IDR 105 billion. According to the prospectus, all proceeds will be used to purchase bird’s nest as working capital: 56.33% for the company's own working capital, and 43.67% injected into its subsidiary PT Realfood Winta Asia (RWA) for bird’s nest procurement, with RLCO holding 93.75% equity in RWA.
RLCO was founded in 2014, headquartered in Bojonegoro, East Java, specializing in bird’s nest exports, with products sold to Mainland China, Hong Kong, and the United States. As of May 2025, annual bird’s nest production capacity reached 32 tons, and through its subsidiaries, it has an annual production capacity of 5.4 million canned consumer goods, 2.52 million jelly products, and 1.29 million powdered products, covering bird’s nest drinks, chicken soup, collagen supplements, and protein nutrition.
Management stated that the company has transformed from a raw material exporter into a leader in the consumer health sector, aligning with consumer preferences and health trends, evolving into a “superfood” producer. Analysts believe RLCO has a solid fundamental base, belongs to the consumer sector, and has seen significant profitability improvement. Since 2023, net profit margin has stabilized at around 19%, expected to continue this year; debt-to-equity ratio (DER) dropped from 1,172% in 2023 to 880% in 2024, expected to further decrease to 153% in 2025. Compared to similar companies, it performs well, with a positive outlook expected on IPO day and the following day.
Bird’s nest export company PT Abadi Lestari Indonesia Tbk. (RLCO) will list on the Indonesia Stock Exchange (BEI). Its initial public offering (IPO) is priced at IDR 168 per share, issuing 625 million shares, raising a total of IDR 105 billion. According to the prospectus, all proceeds will be used to purchase bird’s nest as working capital: 56.33% for the company's own working capital, and 43.67% injected into its subsidiary PT Realfood Winta Asia (RWA) for bird’s nest procurement, with RLCO holding 93.75% equity in RWA.
RLCO was founded in 2014, headquartered in Bojonegoro, East Java, specializing in bird’s nest exports, with products sold to Mainland China, Hong Kong, and the United States. As of May 2025, annual bird’s nest production capacity reached 32 tons, and through its subsidiaries, it has an annual production capacity of 5.4 million canned consumer goods, 2.52 million jelly products, and 1.29 million powdered products, covering bird’s nest drinks, chicken soup, collagen supplements, and protein nutrition.
Management stated that the company has transformed from a raw material exporter into a leader in the consumer health sector, aligning with consumer preferences and health trends, evolving into a “superfood” producer. Analysts believe RLCO has a solid fundamental base, belongs to the consumer sector, and has seen significant profitability improvement. Since 2023, net profit margin has stabilized at around 19%, expected to continue this year; debt-to-equity ratio (DER) dropped from 1,172% in 2023 to 880% in 2024, expected to further decrease to 153% in 2025. Compared to similar companies, it performs well, with a positive outlook expected on IPO day and the following day.