Indonesia’s Fore Coffee raises $21m in oversubscribed IPO

Fore Coffee will use new funds to open 140 new stores in Indonesia across the next two years | Photo credit: Fore Coffee

Fore Coffee has achieved a valuation of Rp 1.6trn ($95m) after closing its IPO amid significant investor interest. 
 

The Jakarta-based coffee chain announced plans to launch on the Indonesia Stock Exchange (IDX) in March 2025 with a goal of raising up to Rp 379.7bn ($23m). 
 

Despite falling short of its target, Fore Coffee attracted interest from 114,873 retail investors to raise Rp 353bn ($21m), with its stock 200-times oversubscribed.  

With the IDX stock index at its lowest levels since the pandemic following the announcement of sweeping US trade tariffs, the coffee chain said the listing demonstrates strong investor confidence in its brand and growth prospects. 

“Fore Coffee’s IPO 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 Composite Index market since the pandemic paid off,” said Willson Cuaca, Chairman of Fore Coffee and Managing Partner of its largest investor, East Ventures. 

Fore Coffee’s revenue more than doubled in 2024 to Rp 1trn ($59.4m), with Cuaca expecting the coffee chain’s sales to grow a further 40-50% this year.   

In its IPO prospectus, Fore Coffee outlined plans to use approximately three-quarters of the funds raised for outlet growth in Indonesia, where it currently operates 230 stores. The premium coffee chain is seeking to open 140 new stores across the next two years and currently has a single international site in Singapore.

The remaining proceeds from the IPO will be split between launching new doughnut and bakery concepts and working capital. 

While existing shareholders often exit businesses when they list on the stock exchange, Cuaca insists that East Ventures will remain a key stakeholder in Fore Coffee and that IPO proceeds will fund expansion.