Let us go back to March 2025, when we finally received approval from the Indonesian Financial Services Authority (Otoritas Jasa Keuangan / OJK) to pursue Fore’s IPO. However, the good news came amidst Indonesia’s market turmoil due to global economic uncertainties, trade tensions, and domestic monetary policy responses.
We were about to list Fore on IDX, but the market reacted strongly to U.S. tariff policies announced by President Donald Trump in April 2025, which fueled fears of a protracted trade war, disrupted exports, and impacted investor sentiment.
As a result, the effects of international trade tensions and tariff escalations led to continued market fluctuations with the JCI (Jakarta Composite Index) falling nearly 8% after reopening post-Eid holiday on 8 April 2025, including a 30-minute trading halt at the IDX (Indonesia Stock Exchange) to manage severe volatility.
In response to the situation, Indonesia’s central bank actively intervened by maintaining interest rates at 5.75% after cutting them from 6% early in the year, and engaged in currency market interventions to stabilize the rupiah amid external shocks.
Regulatory responses included easing share buyback rules to boost market stability amid a fragile investment climate characterized by extreme single-stock moves and cautious investor sentiment.
At that moment, we faced uncertainty—weighing whether to proceed with the IPO or postpone it. Stakeholders reached out, questioning our certainty and the risks involved if it failed. Yet, driven by strong conviction, we chose to defy gravity, successfully listing Fore on the IDX on 14 April 2025.
A new chapter in Fore’s journey toward sustainable growth
This volatile yet opportunistic environment set the backdrop for Fore’s entry into the Indonesian capital market, reflecting broader challenges and adaptive responses within the country’s financial system amid trade wars and geopolitical uncertainty.
After a period of correction in startup valuations over the past few years, investors have increasingly shifted their focus to fundamentals, rewarding firms that demonstrate strong revenue models and market leadership. In particular, sectors like e-commerce, fintech, healthtech, and F&B (food & beverage) stand out as top contenders across key Southeast Asian markets, including Singapore, Vietnam and Indonesia.
Since Fore was founded in 2018 by Willson Cuaca, Co-Founder and Managing Partner at East Ventures, alongside Robin Boe and Jhoni Kusno, Co-Founders of Otten Coffee, the company has successfully navigated various challenging market conditions, including the COVID-19 pandemic.
As the company was born from a strong purpose — to bring a new coffee culture in Indonesia — combined with its operational excellence and seasoned leaders and executives, Fore was able to go through financial correction and secure the company’s long-term growth.
Fore (PT Fore Kopi Indonesia Tbk)’s public listing on the IDX (Indonesia Stock Exchange) marked a pivotal moment for Indonesia’s consumer brand landscape. As an F&B brand, its successful debut became a prime example for other startups aiming to balance brand strength, operational efficiency, and sustainable profitability in a challenging yet promising market environment.
“People were doubting whether we would succeed in doing this IPO or not. But we choose to move forward with conviction, and it has proven to be right. By the end of the day, the public offering attracted significant interest from 114,873 retail investors and was oversubscribed by 200.63 times,” explained Mohammad Fahmi, Director of Strategy and Corporate Development of Fore.
Additionally, on its first day of trading, FORE shares surged by 34.04% to Rp252 per share, hitting the upper auto rejection (ARA).
Fore consistently demonstrates remarkable agility in adapting its products to evolving consumer preferences and navigating operational challenges afterward. The fresh funds from the IPO have enabled Fore to accelerate its business expansion.
In the first half of 2025, Fore delivered strong financial results, with revenue rising 47% year-on-year to Rp662 billion, slightly exceeding management’s projections. This robust growth was driven by store expansion and improved operational efficiency, showcasing Fore’s resilience amid the current economic climate.
During this period, the company opened 29 new outlets, increasing its total store count to 261 outlets across Indonesia and Singapore. The company’s operational strength is further reflected in a solid balance sheet, with equity rising significantly from Rp253 billion at the end of 2024 to over Rp633 billion by June 2025.
Building on its IPO success and firm investor backing, Fore is well-positioned for sustainable growth and contributing to national job creation while maintaining its commitment to environmental sustainability.
Thought leadership and firm perspective: Brewing more than just coffee
For over a decade, East Ventures has believed in backing great founders with promising potential market sizes. Our measure of success transcends financial metrics; it is about the journey—about founders’ grit, honesty, and ability to grow. Fore’s IPO embodies this philosophy. Beyond strong revenue growth and profitability, it tells a compelling story of resilience, ambition, and purpose.
As a pioneer and leading sector-agnostic venture capital firm in Southeast Asia, East Ventures recognizes the critical role of investment in accelerating regional economic progress. Whether directed toward government initiatives or private businesses, capital inflows are essential for supporting investment stability and driving sustained economic growth.
There is much to learn from Fore’s IPO. Though a company’s revenue growth and profitability are substantial denominators for its IPO readiness, a remarkable narrative, brand and market positioning, and future plans cannot be overseen.
With Fore, we are brewing something bigger than a brand. It is a belief that a story of resilience and ambition should represent not only Fore, but all companies in Indonesia that they can offer to this region.
Choosing to move forward with the IPO amid global market volatility was a bold decision. We defy gravity, underpinned by an unwavering conviction. Though it may seem counterintuitive to many, this choice highlighted the company’s confidence in its strong management, profitability, and sustainable growth.
Fore’s mission is to make Indonesia proud, and going public is just the first step. The company aims to become winners and leaders in their own country—and ultimately, take Indonesia to the world.
If you are a startup founder looking to scale up your business to the next stage, send us your pitch.
