Fore Coffee soars on IPO debut, records 200x oversubscription and hits upper auto rejection limit
Published on April 15, 2025
PT Fore Kopi Indonesia Tbk (Fore Coffee), a leading premium affordable coffee chain, successfully debuted on the Indonesia Stock Exchange (IDX) today. This listing marks a major milestone in Fore Coffee’s transformation journey into a public company committed to transparency and strong corporate governance.
“We are incredibly excited to begin this new chapter with our investors. Our strategy reflects a long-term investment in strengthening our business foundation, expanding market reach, and staying committed to innovation by consistently delivering high-quality, affordable coffee,” said Vico Lomar, CEO of Fore Coffee.
On its first day of trading, FORE shares surged into the green zone and hit the upper auto-reject limit (ARA). The stock opened trading at Rp252 per share, up 34.04% from its IPO price.
Investor interest was remarkably strong, with an oversubscription rate of 200.63 times from 114,873 investors participating in the centralized allotment process on April 10, 2025, according to data from the e-IPO system. Fore Coffee is the 12th company to go public on the IDX in 2025.
Fore, backed by venture capital firm East Ventures, and also a portfolio company of ACV Capital. Through its IPO, Fore Coffee raised approximately Rp353.44 billion, pricing shares at Rp188 each. The company offered 1.88 billion new shares, equivalent to 21.08% of its total issued and fully paid capital.
Strong Fundamentals, Promising Market Potential
Fore Coffee has shown solid and consistent financial growth over the past few years. As of September 2024, the company recorded:
- Net sales of Rp727 billion, growing 135% YoY, with a 112% CAGR (2021–2023)
- Gross profit of Rp447 billion, increasing 128% YoY, with a 122% CAGR (2021–2023)
- EBITDA of Rp135 billion, a 187% YoY jump
This performance reflects the effectiveness of Fore Coffee’s expansion strategy and reinforces its position in Indonesia’s coffee industry. According to a December 2024 Redseer Analysis, Indonesia’s coffee market is projected to grow at a CAGR of 11% through 2030, reaching an estimated market value of US$12.6 billion (approximately Rp214 trillion). Evolving consumer preferences and lifestyle trends are creating greater opportunities for players with strong foundations and relevant value propositions like Fore Coffee.
Proceeds from the IPO will support national expansion, including the opening of 140 new stores across Indonesia over the next two years, the development of new business lines via its subsidiaries, and general working capital. Allocation of the funds includes:
- Rp275 billion to expand Fore Coffee’s retail footprint with 140 new outlets over the next two years
- Rp60 billion for vertical expansion through the launch of a donut outlet by a subsidiary
- Rp18.44 billion to support operational working capital needs
Fore Coffee employs a data-driven, research-backed growth strategy, executed by its internal business development team. Regular store performance evaluations ensure that expansion remains measured and value-accretive in the long run. This is complemented by continuous innovation from the R&D team and barista training to maintain taste and quality consistency across all outlets.
