Officially Listed On IDX, ForE Kopi Shares Record ARA

PT Fore Kopi Indonesia is officially listed on the stock exchange with the stock code FORE. Photo: Doc. Indonesia Stock Exchange (IDX)

PT Fore Kopi Indonesia officially took the floor on the Indonesia Stock Exchange (IDX) by conducting an Initial Public Offering (IPO).

Fore's shares at the time of opening first touched the Upper Auto Rejection (ARA) at the level of 34.04 percent at a price of IDR 252 per share.

Meanwhile, this public offering recorded an excess number of requests or oversubscribed 200.63 times and the number of investors was 114,873 investors, based on data up to April 10, 2025, which was downloaded from the e-IPO system.

FORE offers as many as 1.88 billion shares or represents 21.08 percent of the issued and fully paid capital.

In addition, FORE offers shares with an initial offering price of around Rp160' Rp202 per share, potentially getting fresh funds of Rp379.76 billion from the initial public offering.

Meanwhile, acting as the underwriter for the issuance of securities in this IPO are PT Mandiri Sekuritas and PT Henan Putihrai Sekuritas.

Co-Founder & Managing Partner East Ventures said the strength of FORE comes from local economic independence because it uses local coffee culture, local coffee beans, to the floor on local exchanges.

"We need positive news that Indonesia's entrepreneurs are resilient and well managed. With investment in Indonesia that is always healthy, I hope FORE's IPO becomes an example of a start-up company run with good governance and investors who don't just think about exit strategy," said Wilson at the IDX, Monday, April 14.

Willson said that the Fore Coffe IPO offer attracted the interest of many investors in showing how original products from local startups remain in demand.

"Decisions that are against intuition to continue the IPO when the JCI market is at its lowest point since the pandemic yielded results," Willson said.

Furthermore, the funds obtained from the IPO will be used as much as 76 percent to open around 140 new outlets with the composition of the outlets are 10 percent flagship outlets, 80 percent for medium outlets, and 10 percent satellite outlets which are included but are not limited to the cost of renovating the cost of procuring equipment and outlet equipment in the Greater Jakarta area, as well as other areas in Java, Sumatra, Kalimantan, Sulawesi and Bali.

In addition, Fore will also use 18 percent of the proceeds from the IPO to make a capital deposit to open donor outlets through its subsidiary, and 6 percent for working capital. Where the use of these funds is planned to be carried out in stages from 2025 to 2026.

Previously, Co-Founder and CEO of Fore Coffee Vico Lomar explained that this corporate step was taken to expand expansion and strengthen the position of Fore Coffee in the premium coffee market which continues to grow.

"We see great opportunities in the Indonesian premium coffee market, and this IPO will provide us with the resources needed to take advantage of these opportunities," he said at a press conference, Friday, March 21.

Vico said that Fore plans to add around 140 outlets by 2026, with a minimum target of 72 new outlets this year.

For information, until September 2024 the Fore recorded sales of IDR 727 billion, an increase of 135 percent compared to the same period the previous year of IDR 309 billion.

In addition to sales growth, Fore recorded a gross profit of IDR 447 billion in September 2024 or an increase compared to September 2023 of IDR 195 billion.