PT Fore Kopi Indonesia Tbk (FORE) officially listed on the Indonesia Stock Exchange (IDX) on Monday, April 14, 2025. Shares opened at IDR 252 per unit, a 34.04% increase from its IPO price of IDR 188, nearing the Auto Reject Upper (ARA) limit during the first trading session.

FORE is part of East Ventures’ portfolio and conducted its Initial Public Offering (IPO) from April 8 to 10, 2025. According to IDX e-IPO data as of April 10, the offering attracted 114,873 retail investors and was oversubscribed by 200.63 times, signaling strong public enthusiasm.

The company issued 1.88 billion new shares, representing 21.08% of its paid-up capital. With the offering price set at IDR 188, FORE raised IDR 353.44 billion from the IPO.

Majority of Funds Target Outlet Expansion

Fore Coffee plans to allocate around 76% of the proceeds—approximately IDR 275 billion—for the development of 140 new outlets across Indonesia. These outlets, which have not yet received operational permits, will be launched gradually from 2025 to 2026.

The rollout will focus on several regions, including Jabodetabek, Java, Sumatra, Kalimantan, Sulawesi, and Bali. The format will be divided into 10% flagship outlets, 80% medium, and 10% satellite. The allocation includes renovation costs, equipment procurement, and outlet setup.

Subsidiary Expansion and Operational Support

About 18% of the IPO funds will be channeled into PT Cipta Favorit Indonesia (CFI), a subsidiary, to establish 30 additional outlets with a similar format composition: 10% flagship, 65% medium, and 25% satellite. This development will take place in stages from 2025 to 2027.

The remaining proceeds will be used as working capital. This includes the procurement of raw materials such as coffee beans, syrup, milk, and drink powders, as well as packaging materials. Funds will also cover rental expenses and utilities such as electricity, water, internet, and telecommunications.

Local Roots and Investor Confidence

“Fore’s strength comes from the independence of the local economy. We use local coffee culture, local beans, and list on a local exchange,” said Wilson Cuaca, President Commissioner of Fore Coffee. “We need more positive news that Indonesian entrepreneurs are resilient and well-managed. With a healthy investment climate in Indonesia, I hope Fore’s IPO becomes an example of a startup run with good governance and investors who don’t only think about exit strategy.”

Cuaca, who also serves as Co-Founder and Managing Partner of East Ventures, highlighted the timing of the listing. “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,” he said.

The IPO was underwritten by Mandiri Sekuritas and Henan Putihrai Sekuritas, acting as joint lead underwriters and intermediaries for investor participation.

PHOTO: ANTARA/FORE

This article was created with AI assistance.