Singapore-based venture capital company East Ventures is preparing for an initial public offering (IPO) for its coffee shop chain, Fore Coffee, as reported by Bloomberg.
East Ventures is preparing an IPO that may propel the valuation of Fore to Rp1.8tn ($110m), tapping into Indonesia’s fast-growing coffee market.
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The chain, which originated as an in-house venture at East Ventures, is aiming to raise a minimum of Rp300bn ($18.3m) aconsidering a listing on the Jakarta exchange as early as April 2025.
Sources of information prefer anonymity due to the private nature of the discussions.
While the IPO’s specifics, including its size and precise timing, are still under review and subject to change, insiders have revealed that existing shareholders, including East Ventures, do not intend to sell their stakes during the listing.
The funds raised are earmarked for further expansion of the coffee chain.
A representative from East Ventures declined to comment on the plans.
Fore, established in 2018, has rapidly expanded to more than 200 locations across 44 cities in Indonesia.
The chain is leveraging the country’s growing middle class, which is increasingly spending on lifestyle products, including speciality coffee.
Fore’s strategy involves a mix of quick-service storefronts for efficient pick-up and delivery, complemented by traditional sit-down cafés.
The company’s application, which facilitates pre-ordering, has played a key role in reducing service times and operational costs.
Fore is competing in a burgeoning market with a mix of local and international players such as Kopi Kenangan, Luckin Coffee, and Arabica.
With a population of 280 million, Indonesia’s annual coffee consumption is expected to climb 11% by 2030, making it one of the fastest-growing markets worldwide according to Redseer Strategy Consultants.
