Fore Coffee Goes Public on IDX, Records 200x Oversubscription

PT Fore Kopi Indonesia Tbk (FORE) officially debuted its shares on the Indonesia Stock Exchange (IDX) on Monday, April 14, 2025, marking a milestone as the first independent coffee chain to list on the exchange.

The company’s initial public offering (IPO) garnered overwhelming interest, with an oversubscription of 200.63 times and participation from more than 114,873 investors. FORE released 1.88 billion shares to the public, equivalent to 21.08% of its paid-up capital, at a price of Rp188 per share—raising Rp353.44 billion in total.

On its first trading day, FORE shares immediately hit the upper Auto Reject limit (ARA) with a 34% jump, closing at Rp252 per share.

The IPO was underwritten by PT Henan Putihrai Sekuritas as the lead underwriter and PT Mandiri Sekuritas as co-underwriter.

Jurgantara Usman, Director at Henan Sekuritas, said FORE’s IPO success underscores the market’s appetite for lifestyle and youth-focused consumer businesses despite global economic turbulence. “This proves that young-consumer and lifestyle-driven sectors still attract strong demand. We’re proud to support a bold company with an innovative business model,” Jurgantara stated on Tuesday, April 15, 2025.

Fore Coffee positions itself as a provider of affordable premium coffee with easy accessibility and a modern café experience.

As of September 2024, Fore operated 217 outlets across Indonesia and Singapore. Its annual sales surged 135% year-on-year to Rp727 billion, showcasing strong brand equity and operational growth.

The IPO proceeds will fund outlet expansion and business development—including the launch of a donut business line as part of its diversification strategy.

FORE becomes the fourth company to go public with Henan Sekuritas’ backing in the past two years, following CUAN, DAAZ, and RATU.