Kopi Kenangan Rules Out Near-Term IPO Despite Fore’s Market Surge

Main Takeaways

● PT Fore Kopi Indonesia Tbk becomes the first local coffee chain to go public, with its shares hitting the upper limit on two consecutive days. ● Fore Kopi’s market capitalization rose by Rp 1.13 trillion following its IPO, signaling strong investor interest in Indonesia’s F&B sector. ● Kopi Kenangan, despite being a unicorn, has ruled out a near-term IPO, with CEO Edward Tirtanata citing timing and growth considerations. ● Tirtanata praised Fore Kopi’s debut, calling it a positive sign for the industry and a reflection of the sector’s growing appeal on the exchange.

JAKARTA, investortrust.id – Despite the strong debut of PT Fore Kopi Indonesia Tbk on the Indonesian Stock Exchange, Southeast Asia’s first food-and-beverage unicorn, Kopi Kenangan, has confirmed it will not pursue an initial public offering in the near term, citing timing and scale considerations.

Fore Kopi became the first local coffee chain to list on the exchange amid a rapid expansion of Indonesia’s café market. The stock immediately surged upon its debut on Monday, April 14, 2025, hitting the daily upper limit—known locally as auto reject atas (ARA)—for two consecutive trading days. As a result, Fore Kopi’s market capitalization jumped from Rp 1.67 trillion to Rp 2.8 trillion, gaining Rp 1.13 trillion or around $71 million.

Founded in 2017 by Edward Tirtanata, Kopi Kenangan reached unicorn status in 2022 with a valuation exceeding $1 billion, or approximately Rp 14.2 trillion. It became the first New Retail F&B unicorn in Southeast Asia and has often been seen as a leading candidate for a future IPO.

Speaking in Jakarta on Tuesday, April 15, 2025, Edward Tirtanata said the company is not rushing into the capital markets.

“We don’t believe our size is big enough yet to go public. This is a once-in-a-lifetime event, so there’s no need to rush. We’d rather wait,” said Tirtanata, emphasizing the importance of timing in capital market strategies.

While delaying any immediate listing plans, Tirtanata acknowledged the excitement generated by Fore Kopi’s market debut and praised its impact on the broader industry.

“That’s very positive. FORE hit ARA? If a coffee chain’s stock hits the limit like that, it’s a good sign for the industry. It shows F&B in Indonesia is an exciting sector for the exchange. Congratulations to FORE. Amazing job,” he said.

Tirtanata added that the public and investor response to Fore Kopi’s IPO reflects rising confidence in the country’s F&B sector.

Despite its current stance, Kopi Kenangan remains one of the dominant players in Indonesia’s rapidly growing coffee scene. Its scale, digital-first business model, and access to venture funding suggest it may eventually emerge as a strong contender for the public markets—potentially positioning itself as a rival to Fore Kopi.