Indonesian premium affordable coffee chain Fore Coffee has attracted significant investor interest in its recent initial public offering (IPO).
The offering, which concluded between April 8 and 10, 2025, saw 114,873 retail investors participate and was oversubscribed by 200.63 times via the Indonesia Stock Exchange (IDX) e-ipo system.
This development comes despite the uncertainty in the capital market. According to Wilson Cuaca, Fore Coffee’s IPO success underscores how “an authentic product from a local startup can resonate strongly”.
Fore Coffee, trading under the ticker symbol FORE, is slated to commence trading on the IDX on April 14. The company priced its IPO at IDR 188 per share.
Also Read: Fore Coffee eyes expansion with US$23.2M IPO on Indonesia Stock Exchange
Through the issuance of 1.88 billion new shares, representing 21.08 per cent of its total issued and fully paid-up capital, Fore Coffee is set to raise approximately IDR 353.44 billion (~US$ 22.8 million based on an assumed exchange rate of IDR 15,500 to US$1 for April 2025) in fresh capital.
The newly acquired funds are earmarked for strategic business expansion. Approximately US$ 17.7 million will be directed towards expanding Fore Coffee’s physical presence, with a goal of launching 140 new coffee shops across Indonesia over the next two years.
Furthermore, US$3.9 million is allocated for establishing new donut outlets through its subsidiaries, while the remaining US$1.2 million will be used for working capital.
Established in 2018 with an online-to-offline business model, Fore Coffee offers premium local coffee at an accessible price point. As of September 2024, it has over 216 outlets in 43 Indonesian cities, including tier 2 and 3 cities, and one outlet in Singapore.
The company claims to have demonstrated significant financial growth, with net sales surging by IDR 418 billion (135 per cent year-on-year) to IDR 727 billion as of September 2024, up from IDR 309 billion in September 2023.
Gross profit also witnessed substantial growth, increasing by IDR 252 billion (128 per cent year-on-year) to IDR 447 billion in the same period.
Furthermore, Fore Coffee’s EBITDA growth rose by an impressive 187 per cent year-on-year to IDR 135 billion in September 2024.
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