Fore Coffee Shares Surge Post-IPO Amid Strong Investor Enthusiasm

Coffee startup PT Fore Kopi Indonesia Tbk (FORE) officially debuted on the Indonesia Stock Exchange (IDX) on Monday, April 14, 2025. The company offered its shares to the public at Rp188 each during its initial public offering (IPO), held between April 8 and 10.

Since its first trading day, FORE shares have consistently hit the upper auto reject limit (ARA). As of the first trading session on Wednesday morning (April 16) at 09:07 AM WIB, the stock had risen to Rp392, representing a 24.84% surge. In total, FORE shares have jumped 108.5% from the IPO price.

IPO Oversubscribed 200x, Retail Investors Flock

FORE’s President Commissioner Willson Cuaca expressed appreciation for the overwhelming investor interest. The offering was oversubscribed 200.63 times, with a total of 114,873 retail investors participating.

“The level of enthusiasm truly exceeded our expectations. With over 114,000 investors—both retail and institutional—it shows that our brand is well-known and investors have strong confidence in our future,” said Willson during a press briefing following the IPO ceremony at IDX.

IPO Not an Exit Strategy, Says FORE

Willson emphasized that the IPO is not intended as an exit strategy for the company’s shareholders. He confirmed that all controlling shareholders have agreed to a one-year lock-in period.

Despite global market uncertainties, Willson shared that FORE’s decision to go public was driven by its solid fundamentals. “We believe in sustainable growth. FORE isn’t a startup that burns cash recklessly. We’re not raising funds to repay debt or exit—we’re here to grow responsibly,” he added.

Proceeds from the IPO will be used to expand Fore Coffee’s outlet network, with plans to open 140 new stores across Indonesia over the next two years.