Fore Coffee’s IPO oversubscribed by 200.63 times, and hits upper Auto Reject (ARA) on debut day

PT Fore Kopi Indonesia Tbk (Fore Coffee), Indonesia’s leading premium affordable coffee chain, today officially listed its shares on the Indonesia Stock Exchange (IDX). The listing marks a major milestone in Fore Coffee’s growth journey, signifying its transformation into a publicly listed company and reinforcing its commitment to transparency and strong corporate governance.

“We are very excited to embark on this new chapter alongside our investors. The strategy we are implementing is a long-term investment aimed at strengthening our business foundation, expanding our market reach, and reaffirming Fore Coffee’s commitment to continuous innovation in delivering high-quality, affordable premium coffee,” said Vico Lomar, CEO of Fore Coffee.

On its first day of trading, FORE shares surged into the green zone, hitting the upper auto reject limit (ARA). FORE shares rose by 34.04% to Rp252 per share when the trading session opened.

The strong investor enthusiasm was reflected in an oversubscription rate of over 200.63 times, with participation from more than 114,873 investors during the centralized allotment, according to data from the e-IPO system on April 10, 2025. Fore Coffee became the 12th company to list its shares on the IDX in 2025

“The decision to proceed with the IPO amid global market volatility was ultimately the right one. It may seem counterintuitive, but it was made with strong conviction. This IPO will serve as proof that Indonesia has startups that are well-managed, profitable, and governed with integrity—where investors are not solely focused on valuation or exit strategies, but on sustainable growth. Fore Coffee’s mission going forward is to make Indonesia proud. Going public is just the first step. We aim to become champions and hosts in our own country, and eventually, go from Indonesia to the world,” said Willson Cuaca, President Commissioner of Fore Coffee and Co-Founder and Managing Partner of East Ventures.

This strength is reinforced by the full support of East Ventures, a leading venture capital firm in Indonesia and Southeast Asia. The partnership provides Fore Coffee with access to capital, shared resources, and deep expertise from East Ventures’ extensive ecosystem—unlocking opportunities for further synergy and growth.

FORE made its market debut at an offering price of Rp188 per share, issuing a total 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.

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

Fore Coffee’s strategic steps toward sustainable growth

Fore Coffee has recorded solid and consistent financial performance over the past few years. As of September 2024, Fore Coffee achieved:

• Net sales of Rp727 billion, growing 135% year-on-year, with a 112% CAGR (2021–2023)
• Gross profit of Rp447 billion, up 128% YoY, with a 122% CAGR (2021–2023)
• EBITDA of Rp135 billion, surging 187% YoY

This growth reflects the effectiveness of Fore Coffee’s expansion strategy and strengthens its position in the national coffee industry. According to Redseer Analysis (December 2024), Indonesia’s coffee market is projected to grow at a CAGR of 11% through 2030, with a potential market value of US$12.6 billion or approximately Rp214 trillion. Shifting consumer preferences and lifestyle trends continue to unlock opportunities for players with strong foundations and relevant value propositions—such as Fore Coffee.

Fore Coffee plans to allocate its IPO proceeds to three key areas:

• Approximately Rp275 billion to expand its coffee shop network, with a target of opening 140 new outlets across Indonesia over the next two years
• Approximately Rp60 billion for vertical expansion through the launch of a donut outlet business via its subsidiary
• Approximately Rp44 billion to support operational working capital needs

Fore Coffee implements a growth strategy grounded in data and comprehensive market research, executed by an internal business development team. Outlet performance is regularly evaluated to ensure strategic, value-driven expansion that supports long-term business sustainability. This approach is further strengthened by continuous innovation from the R&D team and barista training programs, ensuring consistent taste and product quality across all outlets.