Jakarta. Premium coffee chain Fore Kopi Indonesia (FORE) soared on its trading debut Monday after raising Rp 353.44 billion ($21 million) in its initial public offering as the company gears up for aggressive nationwide expansion.

Shares of Fore Coffee jumped 34.04 percent to close at Rp 252 on the Indonesia Stock Exchange (IDX), nearing the upper limit of the automatic rejection threshold. The company became the 12th firm to list in 2025, drawing strong investor interest amid a volatile global backdrop. The IPO was oversubscribed by more than 200 times, with over 114,000 investors participating via the e-IPO platform.

“Going public in the current market climate may seem bold, but we’re confident in our fundamentals,” said Willson Cuaca, President Commissioner of Fore. “The overwhelming investor response confirms strong belief in Fore’s long-term vision.”

Fore Coffee enters the public market as competition in Indonesia’s premium coffee segment intensifies, with both local startups and global chains vying for a share of Southeast Asia’s rapidly growing middle-class consumers. By leveraging its digital-native branding and omnichannel approach, Fore aims to carve out a dominant position in underserved urban centers.

Fore Coffee plans to double its store count to 300 outlets by the end of 2025, and reach 600 stores nationwide within five years. The growth strategy prioritizes tier-2 and tier-3 cities, with new outlets slated to open across Java, Sumatra, Kalimantan, Sulawesi, Bali, and Eastern Indonesia.

“Our expansion will be comprehensive and inclusive, reaching all corners of the archipelago,” said CEO Vico Lomar during a press conference following the listing. “This year alone, we’re targeting 72 new outlets to bring our total to 300.”

Of the IPO proceeds, 18 percent will be allocated to Fore’s subsidiary Cipta Favorit Indonesia (CFI), which will open 30 new outlets -comprised of flagship, medium, and satellite formats- in high-traffic areas such as malls, retail strips, airports, and train stations. The rest of the funds will support raw material procurement,  including coffee beans, sugar, and milk, and cover operational costs like rent and logistics.

After posting losses of Rp 33.8 billion in 2021 and Rp 59.93 billion in 2022, Fore Coffee swung to a net profit of Rp 1.15 billion in 2023. As of September 2024, net income surged to Rp 42.34 billion, driven by improved outlet performance and operational efficiencies.

“Our turnaround reflects consistent product quality, innovation, and customer trust,” Vico said, adding that net profit is expected to grow 70–80 percent in 2025 as the expansion accelerates.

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