Fore Coffee Goes Public, Stock Surges 34% on Market Debut

PT Fore Kopi Indonesia Tbk (FORE) officially entered the Indonesia Stock Exchange (IDX) through an initial public offering (IPO) on Tuesday, March 25, 2025. The coffee company became the 12th issuer to list its shares on the IDX this year.

At 9:00 AM local time, FORE’s stock surged by 34.04% to Rp252 per share, based on IDX trading data monitored by detikcom.

FORE offered 1.88 billion shares, equivalent to 21.08% of its issued and paid-up capital, with a price range set between Rp160 and Rp202 per share. The IPO aimed to raise approximately Rp353.44 billion, underwritten by PT Mandiri Sekuritas and PT Henan Putihrai Sekuritas.

Citing a report from Cdetik.com, Fore’s President Commissioner, Willson Cuaca, stated that the IPO was oversubscribed by 200.63 times, with participation from 114,873 investors.

He noted that this enthusiasm came despite the Jakarta Composite Index (JCI) slipping sharply after the post-Eid holiday reopening. Still, global market uncertainties didn’t deter the company from proceeding.

"Although the decision seemed counter-intuitive given the market conditions, our confidence in Fore's fundamentals proved right. Through the E-IPO system, we surpassed our fundraising goals, with over 200 times oversubscription," said Willson at the IDX Main Hall, Monday (April 14, 2025).

IPO Fund Allocation and Expansion Strategy

According to the prospectus, Fore plans to allocate 76% of the IPO proceeds to open approximately 140 new outlets, with 10% dedicated to flagship stores and 80% to medium-sized outlets. The remaining 10% will fund satellite outlets, including renovation and equipment costs across Jabodetabek and other regions in Java, Sumatra, Kalimantan, Sulawesi, and Bali.

The fund deployment will be phased from 2025 to 2026.

Strong Performance and Market Positioning

Fore Coffee reported a Same Store Sales Growth (SSSG) of 42% for the nine months ending September 30, 2024—well above the global average of 5%. The performance highlights the brand’s strength, effective marketing, and innovative offerings.

Focusing on the rapidly growing Foodservice Roast Coffee segment—expected to comprise 66% of the coffee market by 2030—Fore is confident it is well-positioned to capture market share and sustain growth.

Additionally, the company is riding the wave of shifting coffee consumption culture in Indonesia, where consumers increasingly enjoy roast coffee outside the home. According to a Redseer survey, 37% of consumers cited socializing as their main reason for drinking coffee out, while 22% valued the ambiance of the outlet.

"With a range of outlets designed to meet diverse consumer preferences, Fore has successfully positioned itself as a major player in both domestic and international coffee markets," the prospectus stated.