Fore Kopi will start trading in Jakarta on Monday after raising $21 million from its IPO.
Provided by East Ventures
Indonesian startup Fore Kopi Indonesia (also known as Fore Coffee) raised 353.4 billion rupiah ($21 million) from its IPO, braved the market crash caused by the intensified trade war by U.S. President Donald Trump.
Supported by Singapore-based private equity firm East Ventures, Fore Kopi sells 1.88 billion shares of Rs 188 each, rating the company at 1.6 trillion Indiana. The company will start trading in Jakarta on Monday after overwhelming demand for its stock. The IPO attracted more than 114,000 new investors, with more than 200 first-time stock sales.
Even after the global stock market fell after Trump imposed higher tariffs on many countries, the company was not afraid, just suspending the implementation of certain tariffs. Indonesia's benchmark stock index fell more than 3% this week, while the Indus traded near record lows.
“The tank market will not change the fundamentals of our company,” Fore Kopi president Willson Cuaca told him. Forbes Asia. “Investors can see that Fore is a good company with high growth, good coffee, numerous comfortable channels and most importantly, we have a unique affordable premium coffee market in the field.”
Cuaca said companies usually list their shares on stock exchanges when existing shareholders exit or when companies plan to pay off their debts. This is not the case with Fore Kopi. “East Enterprise will not exit,” Kuka said. “We will use IPO earnings for expansion plans.”
Cuaca said Trump's tariffs would not affect the company because Fore Kopi uses Indonesian Arabica beans from local farmers and sells its products only within the country's coffee chain.
New funds raised from the IPO will support the company's expansion plans. Fore Kopi will spend Rs 27,500 crore to add 140 new outlets over the next two years and designate it to 60 billion rupees to fund its subsidiary Cipta Favorit Indonesiae Indonesia'e Industry of Donuts, while the rest of the proceeds will go to working capital.
The company has seen strong growth in recent years, with its revenue more than doubled in 2024 to reach 1 trillion rupiah. Cuaca said he expects a 40-50% increase in first-class this year. Indonesia is one of the fastest growing coffee markets in the world, with industry revenue expected to reach $13 billion from $6.7 billion last year, according to Redseer Strategy consultants.
Fore Kopi was founded in 2018 by current CEO Vico Lomar and former CEO Elisa Suteja, who is also a 2020-year-old under-30 alumnus. It initially offered online ordering and on-demand delivery through its app before setting up a physical store. In 2018, the company raised $9.5 million in Series A funding from Venture Capital's East Ventures. It also counts Triputra Investindo Arya, an investment holding company of Indonesian tycoon Theodore Rachmat, among its shareholders.
