Investor Gathering PT Fore Kopi Indonesia Tbk (Fore Coffee)
PT Fore Kopi Indonesia Tbk held an investor gathering in Jakarta (21/03/2025). During the session, the company stated that Fore Coffee is a food & beverage company offering premium yet affordable coffee in Indonesia and Singapore, with significant growth potential.
Left-Right: Oki Ramadhana (President Director PT Mandiri Sekuritas), Roderick Purwana (Vice President Commissioner PT Fore Kopi Indonesia Tbk and Managing Partner East Ventures), Willson Cuaca (President Commissioner PT Fore Kopi Indonesia Tbk and Co-Founder and Managing Partner East Ventures), Vico Lomar (President Director PT Fore Kopi Indonesia Tbk), Mohammad Fahmi (Director PT Fore Kopi Indonesia Tbk), and Jurgantara Usman (Director PT Henan Putihrai Sekuritas) at the Investor Gathering in connection with Initial Public Offering (IPO) of PT Fore Kopi Indonesia Tbk.
JAKARTA, March 21, 2025 – PT Fore Kopi Indonesia Tbk (Fore Coffee), a leading premium affordable Indonesian coffee chain, today announced its plan to conduct an IPO (Initial Public Offering) on the IDX (Indonesia Stock Exchange). This strategic move will support the company ambitious expansion plans and solidify its position in the rapidly growing premium coffee market.
Fore Coffee, trading under the ticker symbol “FORE”, will offer 1,880,000,000 shares, representing 21.08% of its total issued and fully paid capital. The offering price range is set between IDR 160 and IDR 202 per share, with a potential fundraising target of up to IDR 379,8 billion. The book-building period will take place from March 19 to March 21, 2025, followed by the public offering period (indicative) from March 26 th to April 9 th 2025.
“We see a huge opportunity in the Indonesian premium coffee market, and this IPO will give us the resources we need to capitalize on that opportunity,” said Vico Lomar, CEO of Fore Coffee.
The company plans to allocate 76% of the IPO proceeds to expand its outlet network across Indonesia, aiming to open around 140 new coffee outlets within the next two years. This expansion will reinforce Fore Coffee’s leadership in the premium coffee market by delivering exceptional service, high-quality products, and innovative menu options that cater to evolving customer preferences. An additional 18% of the proceeds will be used to open new donut outlets through its subsidiary, and 6% will be allocated for working capital.
Over its seven-year journey, Fore Coffee has become an integral part of Indonesia’s coffee culture, rapidly expanding to 217 outlets across 43 cities in Indonesia and Singapore as of September 2024. This growth includes the opening of 61 new outlets in 2024 alone.
Fore Coffee has experienced remarkable financial growth, with net sales surging by IDR 418 billion (135% YoY) to IDR 727 billion as of September 2024, compared to IDR 309 billion in September 2023. Gross profit also saw significant growth, increasing by IDR 252 billion (128% YoY) to IDR 447 billion in September 2024. The company's EBITDA growth rose by 187% YoY
to IDR 135 billion in September 2024.
Fore Coffee’s Strategy to Lead The Premium Coffee Market
Left-Right: Daniel Octavianus M. (Commissioner PT Fore Kopi Indonesia Tbk), Roderick Purwana (Vice President Consultant PT Fore Kopi Indonesia Tbk and Managing Partner East Ventures), Oki Ramadhana (President Director PT Mandiri Sekuritas), Mohammad Fahmi (Director PT Fore Kopi Indonesia Tbk), Pie Chen (Director PT Fore Kopi Indonesia Tbk), Vico Lomar (President Director PT Fore Kopi Indonesia Tbk), Willson Cuaca (President Commissioner PT Fore Kopi Indonesia Tbk and Co-Founder and Managing Partner East Ventures), Jurgantara Usman (Director PT Henan Putihrai Sekuritas), Melisa Irene (Commissioner PT Fore Kopi Indonesia Tbk), David F. Audy (Independent Commissioner PT Fore Kopi Indonesia Tbk), Matthew Ardian (Director PT Fore Kopi Indonesia Tbk) at the Investor Gathering in connection with Initial Public Offering (IPO) of PT Fore Kopi Indonesia Tbk.
Based on the Redseer Analysis report in December 2024, the Indonesian coffee market is projected to grow at a CAGR (compound annual growth rate) of 11% for the next five years, with a potential market size of USD 12.6 billion (equivalent to IDR 206 trillion at a dollar exchange rate of IDR 16,350).
Fore Coffee understands that coffee is not just a drink, but part of the modern lifestyle. With three types of outlets—flagship, medium, and satellite—Fore Coffee covers a wide range of diverse customer needs, from socializing places to grab-and-go services for the active and dynamic.
Fore Coffee’s competitive advantage is supported by operational excellence, affordable premium product innovation, disciplined outlet performance monitoring, and contributing to Indonesia’s economy and society through sustainable business. In addition, optimizing digital interactions through mobile applications improves operational efficiency, better financial management, and customer understanding for faster market response.
Behind Fore Coffee’s success is a leadership team of experienced professionals with a deep understanding of the F&B (food and beverages) industry. This team ensures effective execution of the business strategy that has been set.
“We believe a strong operating foundation is key to delivering great coffee experiences. We invest in product quality, innovation, efficiency, and most importantly, our commitment to empowering our team and Baristas with training, development, and opportunities to grow as part of the company’s operational sustainability,” Vico explained.
Support from a leading investor like East Ventures further strengthens Fore Coffee’s position as a highly competitive brand. In addition to access to capital, this partnership opens up opportunities for strategic collaboration with East Ventures’ extensive network, creating the potential for profitable synergies in the future.
“Fore Coffee’s IPO is a historic moment that reflects the solidity of their sustainable business model. We believe this IPO will accelerate Fore Coffee’s expansion process, open up opportunities to reach more coffee lovers across Indonesia, and strengthen their position as an innovation leader in the coffee industry,” said Willson Cuaca, President Commissioner of Fore Coffee and Co-Founder and Managing Partner at East Ventures.
In this transaction, PT Mandiri Sekuritas and PT Henan Putihrai Sekuritas act as joint lead underwriters and will act as intermediaries between investors and the capital market. Further information regarding the IPO, including the official prospectus, can be accessed through Fore Coffee’s website.
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About Fore Coffee
Fore Coffee is a coffee company established in 2018 with an online-to-offline business model. With the tagline “Grind the Essentials,” Fore Coffee invites people to appreciate processes and essentials in a fast-paced world, through a cup of quality coffee. As a pioneer of the green movement, Fore Coffee brings premium local coffee at an affordable price, setting a new standard of coffee enjoyment.
With more than 216 outlets in 43 cities in Indonesia, including tier 2 and 3 cities, and 1 outlet in Singapore as per September 2024, Fore Coffee plays a role in introducing a new coffee culture and lifestyle, with a commitment to technology, expertise and sustainability.
For further information, please contact:
Rhany Montolalu
Jr. Marketing Communication Manager
Fore Coffee
Email: rhany@fore.coffee
