The premium coffee chain will use the funds to grow its 230-store network in Indonesia and launch new doughnut and bakery concepts
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Fore Coffee is seeking to open 140 net new stores over the next two years | Photo credit: Fore Coffee
East Ventures-backed Fore Coffee has launched an initial public offering (IPO) on the Indonesia Stock Exchange (IDX).
The Jakarta-based coffee chain is offering up to 1.88 billion new shares, equivalent to 21.08% of its enlarged capital, and is seeking to raise up to Rp 379.7bn ($23m).
“We see a huge opportunity in the Indonesian premium coffee market, and this IPO will give us the resources we need to capitalise on that opportunity,” said Vico Lomar, CEO, Fore Coffee.
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 60 new stores in 2025 and a further 80 in 2026, comprising larger footprint flagship outlets and smaller-format on-the-go locations.
The IPO will also enable Fore Coffee to diversify its business with the planned launch of two new doughnut and bakery concepts. The coffee chain has outlined a goal to open 30 outlets across the two new trading segments by 2027, using approximately 18% of IPO proceeds to fund the ventures.
The remaining funds will be used as working capital and go towards purchasing raw materials and covering packaging, rent and utility costs.
Fore Coffee, which has previously raised $53m across several investment rounds, opened an outlet at Singapore’s Bugis Junction shopping centre in November 2023 which remains its only international site. The coffee chain expects to open a second outlet in Singapore by July 2025.