Jakarta. Coffee chain Fore Kopi Indonesia (Fore Coffee) is planning an initial public offering on the Indonesia Stock Exchange (IDX) as it seeks to accelerate its expansion in the country’s fast-growing premium coffee market.

The coffee chain, which will trade under the ticker FORE, aims to raise as much as Rp 379.8 billion ($23 million) by offering 1.88 billion shares, or 21.08 percent of its enlarged capital. The price range is set between Rp 160 and Rp 202 per share, with book-building running from March 19 to March 21, followed by an indicative public offering period from March 26 to April 9.

“We see a massive opportunity in Indonesia’s premium coffee market, and this IPO will provide the resources to capitalize on that potential,” CEO Vico Lomar said Friday.

Fore Coffee plans to allocate 76 percent of the IPO proceeds toward expanding its store footprint, targeting the addition of 140 outlets over the next two years. The company will dedicate 18 percent to developing new donut stores through its subsidiary, while the remaining 6 percent will go toward working capital.

Since its founding in 2018, Fore Coffee has grown into one of Indonesia’s leading coffee chains, with 217 outlets across 43 cities, including one in Singapore, as of September 2024. The brand added 61 new stores last year alone, reflecting strong consumer demand for its premium yet affordable coffee offerings.

Fore Coffee has seen robust financial growth, with net sales surging 135 percent year-over-year to Rp 727 billion as of September 2024. Gross profit jumped 128 percent to Rp 447 billion, while EBITDA soared 187 percent to Rp 135 billion in the same period.

According to a December 2024 report from Redseer Analysis, Indonesia’s coffee market is projected to grow at an 11 percent compound annual growth rate over the next five years, reaching a potential market size of $12.6 billion. Fore Coffee aims to leverage this growth by adopting a multi-format store strategy, including flagship, medium-sized, and satellite outlets catering to different customer segments.

“Our competitive edge lies in operational excellence, product innovation, and a commitment to sustainability. We aim to set new standards for Indonesia’s coffee culture,” Lomar said.

Fore Coffee’s growth has been supported by East Ventures, a venture capital firm that has played a key role in scaling up the brand. The IPO is expected to further strengthen Fore Coffee’s competitive positioning and open avenues for strategic collaborations within East Ventures’ extensive network.

“Fore Coffee’s IPO marks a major milestone, reflecting the strength of its business model. This offering will accelerate its expansion and reinforce its leadership in Indonesia’s premium coffee market,” said Willson Cuaca, President Commissioner of Fore Coffee and Co-Founder of East Ventures.

Mandiri Sekuritas and Henan Putihrai Sekuritas will serve as joint lead underwriters for the IPO, facilitating investor access to the capital markets.