The Jakarta-based coffee chain could list on the Indonesia Stock Exchange as early as April 2025, sources say
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Fore Coffee opened 61 new stores in 2024 | Photo credit: East Ventures
Jakarta-based Fore Coffee is reportedly planning to list on the Indonesia Stock Exchange (IDX) with a Rp 1.8trn ($110m) IPO.
Singapore-based venture capital firm East Ventures – which supported Fore Coffee’s launch in August 2018 – could list the coffee chain as soon as April 2025, Bloomberg reported citing sources close to the matter.
Fore Coffee would expect to raise at least Rp 300bn ($18.3m) through any IPO listing, the news agency added.
In January 2025, board members from both East Ventures and Fore Coffee visited the IDX in Jakarta to discuss the general stock conditions relating to start-ups.
Fore Coffee opened 61 new stores in 2024 to reach 230 outlets across Indonesia. The tech-focused coffee chain also operates a single site in Singapore, which opened in November 2023.
In December 2024, Fore Coffee CEO Vico Lomar outlined plans to open a further 60 new stores in 2025, including a second site in Singapore in the first half of the year.
East Ventures led Fore Coffee’s first investment round in January 2019, where the coffee chain raised $8.5m. Fore Coffee has raised a total of $53m through three investment rounds and also counts AC Ventures, Insignia Venture Partners and Pavilion Capital among its backers.