Indonesian coffee chain Fore Coffee has announced an initial public offering (IPO) on the Indonesia Stock Exchange (IDX) as part of its strategy to expand domestically and internationally.
The IPO will offer up to 1.88 billion new shares, representing 21.08% of the company’s post-offering capital, as reported by Inside Retail.
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With shares priced between $0.01 (Rp160) and $0.02, the coffee chain aims to raise $22.98m.
Founded in 2018, Fore Coffee operates a hybrid model, combining quick-service outlets designed for pick-up and delivery with traditional sit-down cafes.
The IPO is set to become effective on 25 March 2025, with public trading from 26 March to 9 April and electronic distribution of shares expected on 10 April.
In 2024 the coffee chain opened 61 new stores, increasing its total to 230 locations in Indonesia.
It plans another 60 stores in 2025 including a second location in Singapore by July.
According to the company’s IPO prospectus, 75% of the funds raised through the IPO will be allocated to expanding outlets in Indonesia.
In 2026, the company plans to open 80 more locations: a mix of larger flagship stores and smaller, on-the-go formats.
Fore Coffee plans 30 outlets in two new business segments by 2027, allocating 18% of the IPO proceeds to support these ventures.
It also intends to diversify its operations by launching two new doughnut and bakery concepts.
The remaining funds from the IPO will be used for working capital, including raw material purchases, packaging, rent and utility expenses.
Fore Coffee, which has raised $53m in previous investment rounds, opened its first international outlet at Bugis Junction shopping centre in Singapore in November 2023.
