Fore Coffee Shares Surge 34% on IPO Debut Despite Market Turbulence
Main Takeaways
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JAKARTA, investortrust.id – Indonesian coffee retail chain PT Fore Kopi Indonesia Tbk, known as Fore Coffee, makes a striking market debut on the Indonesia Stock Exchange as its shares jump 34.04% to Rp 252 on Monday, underscoring investor confidence despite global market volatility.
Fore Coffee completed its initial public offering by raising approximately Rp 353.44 billion ($22 million). The offering drew overwhelming investor demand, with oversubscription reaching 200.63 times from 114,873 investors recorded on the centralized allotment system on Thursday, April 10, 2025.
The company priced its shares at Rp 188 per share and listed 1.88 billion shares, equivalent to 21.08% of its total paid-up capital. Proceeds from the IPO will support the company’s national expansion strategy and long-term sustainability goals.
"We are thrilled to begin this new chapter with our investors. This IPO marks a long-term investment to strengthen our business foundation, expand market reach, and deliver accessible premium coffee through continuous innovation,” said Fore Coffee CEO Vico Lomar.
Mandiri Sekuritas and Henan Putihrai Sekuritas acted as joint lead underwriters for the IPO, facilitating investor access to the capital market.
IPO Proceeds to Fund Expansion
Fore Coffee has earmarked its IPO funds for three main purposes:
- Rp 275 billion will be used to open 140 new coffee outlets across Indonesia over the next two years.
- Rp 60 billion will fund vertical expansion through a new donut shop chain under its subsidiary.
- The remaining Rp 18.44 billion will support working capital for daily operations.
The company employs a data-driven growth strategy supported by internal business development teams. Routine outlet performance reviews ensure calculated, value-added expansion, while continuous R&D and barista training aim to maintain consistent taste and product quality nationwide.
Backed by East Ventures
Fore Coffee is backed by East Ventures, a prominent Indonesian venture capital firm. This partnership provides not just capital but also access to a wide ecosystem of resources and expertise, positioning Fore for further synergy and growth.
“Choosing to proceed with an IPO amid global market uncertainties was a bold but sound decision. This move challenges conventional wisdom, proving that Indonesia has startups that are well-managed, profitable, and prioritize sustainable growth over mere valuation and exit strategies,” said Fore Coffee President Commissioner Willson Cuaca, who is also Co-Founder and Managing Partner at East Ventures.
Strong Financial Performance
Before going public, Fore Coffee reported robust financial growth. As of September 2024, net revenue rose 135% year-on-year to Rp 727 billion, with a compound annual growth rate (CAGR) of 112% between 2021 and 2023.
Gross profit reached Rp 447 billion, up 128% year-on-year, with a CAGR of 122% over the same period.