Fore Coffee announces initial public offering on the Indonesia stock exchange

PT Fore Kopi Indonesia Tbk (Fore Coffee), a leading premium affordable Indonesian coffee chain, today announced its plan to conduct an IPO (Initial Public Offering) on the IDX (Indonesia Stock Exchange). This strategic move will support the company’s ambitious expansion plans and solidify its position in the rapidly growing premium coffee market.

Fore Coffee, trading under the ticker symbol “FORE”, will offer 1.880.000.000 shares, representing 21.08% 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. The book-building period will take place from 19 March to 21 March 2025, followed by the public offering period (indicative) from 26 March to 9 April 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, CEO of Fore Coffee.

The company plans to allocate 76% 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% of the proceeds will be used to open new donut outlets through its subsidiary, and 6% 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% 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% YoY) to Rp447 billion in September 2024. The company’s EBITDA growth rose by 187% YoY to Rp135 billion in September 2024.

Fore Coffee’s strategy to lead the 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% for the next five years, with a potential market size of US$12.6 billion (equivalent to Rp206 trillion at a dollar exchange rate of Rp16.350).

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.

Behind Fore Coffee’s success is a leadership team of experienced professionals with a deep understanding of the F&B (food and beverages) industry. This team ensures effective execution of the business strategy that has been set.

“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.

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.

In this transaction, PT Mandiri Sekuritas and PT Henan Putihrai Sekuritas act as joint lead underwriters and will act as intermediaries between investors and the capital market. Further information regarding the IPO, including the official prospectus, can be accessed through Fore Coffee’s website.