Heaptalk, Jakarta — PT Fore Kopi Indonesia Tbk (Fore Coffee), one of Indonesia’s leading premium affordable coffee chains, has completed its initial public offering (IPO) with strong investor demand. The offering, held from April 8 to 10, 2025, attracted 114,873 retail investors and was oversubscribed 200.63 times through the IDX e-IPO platform, according to data as of April 10.
Fore Coffee will begin trading on the Indonesia Stock Exchange (IDX) under the issuer code of FORE on Monday, April 14. The company priced its IPO at Rp188 per share, issuing 1.88 billion new shares—representing 21.08% of its enlarged capital. The offering is expected to raise approximately US$21 million or about Rp353.44 billion in fresh capital. Mandiri Sekuritas and Henan Putihrai Sekuritas served as joint lead underwriters for the IPO.
“Fore Coffee’s IPO, which drew significant investor interest, demonstrates that a locally rooted product with authentic value can stand out—even amid a bearish market. The decision to go public during the market’s lowest point since the pandemic turned out to be a calculated risk that paid off.” President Commissioner of Fore Coffee and Co-Founder and Managing Partner at East Ventures, Willson Cuaca, said.
Proceeds from the IPO will fund the company’s expansion and operational growth. Approximately US$16.3 million, or around Rp275 billion, is earmarked for the rollout of 140 new outlets across Indonesia over the next two years. According to the company’s prospectus, the allocation includes 10% for Flagship outlets, 80% for Medium outlets, and 10% for Satellite outlets, covering expenses such as renovations, equipment acquisition, and outlet setup. These new locations will be developed across Greater Jakarta and various regions in Java, Sumatra, Kalimantan, Sulawesi, and Bali. The fund will be carried out progressively from 2025 to 2026.
The company will also allocate funds raised around Rp3,5 million or Rp60 billion to support the launch of new donut outlets through its subsidiaries, and the remaining amount will be about USD1 million or Rp18 billion.
