East Ventures incubated company, Fore Coffee, attracts 114,873 new investors and oversubscribed 200.63 times

PT Fore Kopi Indonesia Tbk (Fore Coffee), Indonesia’s leading premium affordable coffee chain, just concluded its public offering, which took place from 8 to 10 April 2025. The public offering attracted significant interest from 114,873 retail investors and was oversubscribed by 200.63 times from the IDX e-ipo system, based on data on 10 April 2025. 

“Fore Coffee’s IPO, which attracted a lot of investor interest, shows how an authentic product from a local startup can resonate strongly despite uncertainty in the capital market. The counter-intuitive decision to proceed with the IPO during the lowest IDX (Indonesia Stock Exchange) Composite index market since the pandemic paid off,” said Willson Cuaca, President Commissioner (Chairman) of Fore Coffee and Co-Founder and Managing Partner at East Ventures.

Fore Coffee, trading under the issuer code FORE, is scheduled to debut on the IDX on Monday, 14 April 2025. The company set its initial public offering (IPO) price at Rp188 per share. With the issuance of 1.88 billion new shares—equivalent to 21.08% of its total issued and fully paid-up capital—the company is poised to raise approximately Rp353.44 billion in fresh funds.

Fore Coffee plans to allocate the proceeds toward three key areas of business growth and development. Approximately Rp275 billion will be used to expand its outlet network, with a target of opening 140 new coffee shops across Indonesia over the next two years.

In addition, around Rp60 billion will be allocated to establishing new donut outlets through its subsidiaries, while the remaining Rp18 billion will be used for working capital.

Mandiri Sekuritas and Henan Putihrai Sekuritas act as joint lead underwriters and intermediaries between investors and the capital market.