Fore Coffee Plans IPO, Aiming to Raise $23.2 Million
Main Takeaways
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JAKARTA, investortrust.id – PT Fore Kopi Indonesia Tbk, branded as Fore Coffee, is set to conduct an initial public offering (IPO) with a fundraising target of approximately Rp 379.76 billion ($23.2 million). The book-building process will take place from March 19 to March 21, 2025, with its shares expected to be listed on the Indonesia Stock Exchange (IDX) on April 11, 2025.
Fore Coffee plans to offer up to 1.88 billion shares, representing 21.08% of its issued and paid-up capital. According to the company’s prospectus, the shares will be offered in a price range of Rp 160–202 per share.
IPO Proceeds Allocation
Fore Coffee's management stated that around 76% of the IPO proceeds will be allocated for opening approximately 140 new outlets, pending regulatory approval. The store expansion will be divided into: 10% for flagship outlets, 80% for medium-sized outlets, 10% for satellite outlets.
The funds will also cover renovation costs, equipment procurement, and furnishing expenses in Greater Jakarta (Jabodetabek), as well as other locations across Java, Sumatra, Kalimantan, Sulawesi, and Bali. The expansion plan will be executed gradually from 2025 to 2026.
Meanwhile, approximately 18% of the proceeds will be allocated as capital injection to CFI, which will use the funds to establish an additional 30 outlets, also pending approval. The composition of these outlets includes: 10% for flagship outlets, 65% for medium-sized outlets, and 25% for satellite outlets.
Similar to the first allocation, these funds will be used for renovation, equipment procurement, and furnishings in key regions. The expansion under this portion of the funds is expected to take place between 2025 and 2027.
Company Ownership and Financial Performance
Fore Coffee is currently majority-owned by Fore Holding Pte Ltd, which holds 99.997% of the company, while PT Otten Coffee Indonesia owns 0.003%. The ultimate beneficial owner (UBO) of Fore Coffee is Willson Cuaca, a prominent venture capitalist. The IPO will be underwritten by Mandiri Sekuritas and Henan Putihrai Sekuritas.
As of September 2024, Fore Coffee reported net sales of Rp 727.37 billion, a 135.35% increase from Rp 309.06 billion in the same period the previous year. The company also turned profitable, posting a net income of Rp 42.34 billion, compared to a net loss of Rp 16.48 billion in Q3 2023.
With its aggressive expansion strategy backed by IPO funding, Fore Coffee aims to solidify its position as a leading player in Indonesia’s growing specialty coffee market.