Market Debut Sparks Investor Euphoria
Indonesia’s homegrown coffee chain, PT Fore Kopi Indonesia Tbk (Fore Coffee), made a remarkable entrance into the capital market with a 34.04% increase in share price on its initial public offering (IPO) day. Opening at Rp188 per share, Fore Coffee’s stock surged to Rp252 ($0.015) on its debut, hitting the Upper Auto Reject (ARA) limit, a ceiling designed to prevent extreme volatility. This performance makes Fore Coffee the 12th company to list on the Indonesia Stock Exchange (IDX) in 2025.
The IPO saw overwhelming investor interest, with oversubscription exceeding 200.63 times and participation from more than 114,000 investors. The company issued 1.88 billion new shares, equivalent to 21.08% of its total paid-up capital, raising an estimated Rp353.44 billion. The firm stated that the listing marks a critical milestone in its journey and reaffirms its commitment to transparency, governance, and long-term growth.
CEO Vico Lomar expressed enthusiasm, noting that the IPO will enable Fore Coffee to strengthen its foundation and accelerate market expansion while maintaining a commitment to high-quality yet affordable premium coffee.
Strong Financial Performance and Strategic Backing
Indonesia Fore Coffee robust financials further boosted investor confidence. As of September 2024, the company recorded Rp727 billion in net sales, reflecting 135% year-on-year growth and a compound annual growth rate (CAGR) of 112% from 2021 to 2023. Its gross profit reached Rp447 billion, while EBITDA soared to Rp135 billion, a 187% increase year-on-year. This financial performance underscores the effectiveness of its expansion strategy and solidifies its role in Indonesia’s evolving coffee industry.
The IPO is supported by East Ventures, a prominent venture capital firm in Southeast Asia. Willson Cuaca, President Commissioner of Fore Coffee and Co-Founder of East Ventures, described the IPO decision as bold but strategic, made despite global market uncertainties. “This IPO proves that Indonesia has startups that are profitable, well-managed, and built for sustainable growth,” Cuaca said. He emphasized Fore Coffee’s mission to not only lead in Indonesia but also expand internationally.
Mandiri Sekuritas and Henan Putihrai Sekuritas served as joint lead underwriters for the offering, playing key roles in connecting investors with the company’s growth prospects.
Growth Plans and Vision for the Future
Looking ahead, Indonesia Fore Coffee plans to utilize the IPO proceeds strategically across three major areas. Rp275 billion will be allocated to open 140 new outlets across Indonesia within the next two years. Another Rp60 billion is earmarked for vertical expansion through the launch of a donut outlet business via a subsidiary, while Rp18.44 billion will support operational working capital needs.
Established in 2018, Indonesia Fore Coffee operates with an online-to-offline (O2O) model and currently runs over 216 outlets in 43 cities, including one in Singapore. Its approach combines data-driven expansion, consistent R&D innovation, and barista training to ensure quality and scalability.
According to a Redseer report (December 2024), Indonesia’s coffee market is poised to reach $12.6 billion by 2030, growing at a CAGR of 11%. With its strong brand, solid operations, and ambitious expansion plans, Fore Coffee is well-positioned to tap into this booming sector and make its mark beyond Indonesian borders.
