PT Fore Kopi Indonesia (Fore Coffee), a premium Indonesian coffee chain, has  announced its plan to conduct an Initial Public Offering (IPO) on the Indonesia Stock Exchange (IDX), aimed at supporting the company's expansion plans and solidify its position in the premium coffee market.

Fore Coffee, trading under the ticker symbol “FORE”, will offer 1,880,000,000 shares, representing 21.08 percent of its total issued and fully paid capital. The offering price range is set between Rp160 and Rp202 per share, with a potential fundraising target of up to Rp379,8 billion (US$23 million). The book-building period took place from March 19 to March 21, 2025, followed by the public offering period from March 26 to April 9, 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,” Vico Lomar, CEO of Fore Coffee, said as quoted in a statement on Friday, March 21, 2025.

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. 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.

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 Rp418 billion (135 percent YoY) to Rp727 billion as of September 2024, compared to Rp309 billion in September 2023. Gross profit also saw significant growth, increasing by Rp252 billion (128 percent YoY) to Rp447 billion in September 2024. The company's Earnings before interest, taxes, depreciation, and amortization (EBITDA) growth rose by 187 percent YoY to Rp 135 billion in September 2024.

Premium coffee market

Based on the Redseer Analysis report in December 2024, the Indonesian coffee market is projected to grow at a CAGR (compound annual growth rate) of 11 percent for the next five years, with a potential market size of US$12.6 billion (Rp206 trillion).

Fore Coffee understands that coffee is not just a drink, but part of the modern lifestyle. With three types of outlets − flagship, medium, and satellite − Fore Coffee covers a wide range of diverse customer needs, from socializing places to grab-and-go services for the active and dynamic.

Fore Coffee'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 operational efficiency, better financial management, and customer understanding for faster market response.

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.