PT Fore Kopi Indonesia Tbk (Fore Coffee), a premium affordable Indonesian coffee chain, has on Friday announced its plan to conduct an initial public offering (IPO) on the Indonesia Stock Exchange (IDX).
This strategic move will support the company’s ambitious expansion plans and solidify its position in the rapidly growing premium coffee market, Fore Coffee said in a statement.
Fore Coffee, trading under the ticker symbol “FORE”, will offer 1.88 billion shares, representing 21.08 percent of its total issued and fully paid capital.
The offering price range is set between IDR 160 ($0.0097) and IDR 202 per share, with a potential fundraising target of up to IDR 379,8 billion.
The company plans to allocate 76 percent of the IPO proceeds to expand its outlet network across Indonesia, aiming to open around 140 new coffee outlets within the next two years.
This expansion will reinforce Fore Coffee’s leadership in the premium coffee market by delivering exceptional service, high-quality products, and innovative menu options that cater to evolving customer preferences.
An additional 18 percent of the proceeds will be used to open new donut outlets through its subsidiary, and 6 percent will be allocated for working capital.
The book-building period will take place from March 19 to March 21, 2025, followed by the public offering period (indicative) from March 26th to April 9th 2025.
“We see a huge opportunity in the Indonesian premium coffee market, and this IPO will give us the resources we need to capitalize on that opportunity,” said Vico Lomar, Chief Executive Officer of Fore Coffee.
Over its seven-year journey, Fore Coffee has become an integral part of Indonesia’s coffee culture, rapidly expanding to 217 outlets across 43 cities in Indonesia and Singapore as of September 2024.
This growth includes the opening of 61 new outlets in 2024 alone.
Fore Coffee has experienced remarkable financial growth, with net sales surging by IDR 418 billion (135 percent year on year) to IDR 727 billion as of September 2024, compared to IDR 309 billion in September 2023.
Gross profit also saw significant growth, increasing by IDR 252 billion (128 percent year on year) to IDR 447 billion in September 2024.
The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) growth surged 187 percent year on year to IDR 135 billion in September 2024.
Cited Redseer Analysis report in December 2024, the statement highlighted that Indonesian coffee market is projected to grow at a compound annual growth rate (CAGR) of 11 percent for the next five years, with a potential market size of $12.6 billion.
Fore Coffee opined that coffee is not just a drink, but part of the modern lifestyle.
With three types of outlets—flagship, medium, and satellite, the firm covers a wide range of diverse customer needs, from socializing places to grab-and-go services for the active and dynamic.
The firm’s competitive advantage is supported by operational excellence, affordable premium product innovation, disciplined outlet performance monitoring, and contributing to Indonesia’s economy and society through sustainable business.
In addition, optimizing digital interactions through mobile applications improves the firm’s operational efficiency, better financial management, and customer understanding for faster market response.
“We believe a strong operating foundation is key to delivering great coffee experiences. We invest in product quality, innovation, efficiency, and most importantly, our commitment to empowering our team and Baristas with training, development, and opportunities to grow as part of the company’s operational sustainability,” Vico explained.
According to the statement, support from a leading investor like East Ventures further strengthens Fore Coffee’s position as a highly competitive brand.
In addition to access to capital, this partnership opens up opportunities for strategic collaboration with East Ventures’ extensive network, creating the potential for profitable synergies in the future.
“Fore Coffee’s IPO is a historic moment that reflects the solidity of their sustainable business model,
“We believe this IPO will accelerate Fore Coffee’s expansion process, open up opportunities to reach more coffee lovers across Indonesia, and strengthen their position as an innovation leader in the coffee industry,” said Willson Cuaca, President Commissioner of Fore Coffee and Co-Founder and Managing Partner at East Ventures.
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