Heaptalk, Jakarta — PT Fore Kopi Indonesia Tbk (issuer code: FORE) has officially listed its shares on the Indonesia Stock Exchange (IDX), marking a significant milestone in the company’s journey from a high-growth startup to a publicly traded enterprise.
The company made a strong debut, with shares surging by 34.04% to Rp252 per share, hitting the upper auto reject limit (ARA) shortly after market open. The initial public offering (IPO) price was set at Rp188 per share, with a total issuance of 1.88 billion new shares—representing 21.08% of the company’s issued and fully paid-up capital—raising approximately Rp353.44 billion in fresh capital.
Previously, Fore’s IPO was also oversubscribed by over 200 times, drawing participation from over 114,000 investors, reflecting massive trust in the brand’s potential and performance. This makes Fore Coffee the 12th company to go public on IDX in 2025 and one of the most talked-about IPOs in Indonesia this year. Mandiri Sekuritas and Henan Putihrai Sekuritas were joint lead underwriters in this strategic measure.
“For us, going public isn’t just about raising capital—it’s about building credibility, reinforcing transparency, and signaling that Indonesian startups can scale with integrity and long-term vision. We’re entering this next chapter with clarity and purpose: to serve more Indonesians while continuously pushing boundaries in product quality, customer experience, and innovation,” said Vico Lomar, CEO of Fore Coffee.
Fore Coffee’s expansion plan post-IPO is sharply focused:
- Around US$16.4 million, or around Rp275 billion, will be invested in opening 140 new outlets across Indonesia over the next two years.
- Around US$3.6 million, approximately Rp60 billion, will fund the launch of a donut outlet business through a dedicated subsidiary, enhancing product offerings and customer engagement.
- Around US$1.1 million, about Rp18.44 billion, will support operational working capital, ensuring business continuity and flexibility.
“The decision to proceed with the IPO amid global market volatility was ultimately right. It may seem counterintuitive, but it was made with strong conviction. This IPO will serve as proof that Indonesia has startups that are well-managed, profitable, and governed with integrity—where investors are not solely focused on valuation or exit strategies, but on sustainable growth.” Willson Cuaca, President Commissioner of Fore Coffee and Co-Founder and Managing Partner of East Ventures, conveyed.
