Indonesia’s Fore Coffee launches IPO to fund expansion

Indonesian coffee chain Fore, backed by East Ventures, has launched an initial public offering (IPO) to expand domestically and internationally.

The company said it is capitalizing on the expanding middle class, which is driving demand for premium coffee and lifestyle products.

Fore operates a hybrid business model, combining quick-service outlets optimized for pick-up and delivery with traditional sit-down cafes.

The IPO offers up to 1.88 billion new shares—equivalent to 21.08 percent of the company’s enlarged capital. Shares are priced between US$0.01 (IDR160) and $0.02 (IDR202), with a potential fundraising target of $22.98 million (IDR379.76 billion).

Following regulatory approval, the IPO’s effective date is March 25. Public trading is scheduled from March 26 to April 9. Shares are expected to be electronically distributed on April 10. The newly issued shares will carry equal rights to existing ones.

Mandiri Sekuritas and Henan Putihrai Sekuritas are underwriting the offering.

Last year, Fore Coffee opened 61 new locations, bringing its total store count to 230. CEO Vico Lomar said the company plans to open 60 more stores this year, including a second Singapore location.