PT Fore Kopi Indonesia Tbk (Fore Coffee), an Indonesia-based premium affordable coffee chain, said its initial public offering (IPO) was oversubscribed by 200.63 times.

The firm said in a statement on Friday that its public offering which was concluded from April 8 to 10, has attracted significant interest from 114,873 retail investors.

“Fore Coffee’s IPO which attracted a lot of investor interest shows how an authentic product from a local startup can resonate strongly despite uncertainty in the capital market. The counter-intuitive decision to proceed with the IPO during the lowest IDX (Indonesia Stock Exchange) Composite index market since the pandemic paid off,” said Willson Cuaca, President Commissioner (Chairman) of Fore Coffee and Co-Founder and Managing Partner at East Ventures.

Fore Coffee, trading under the issuer code FORE, is scheduled to debut on the IDX on Monday, April 14.

The company set its initial public offering (IPO) price at IDR 188 ($0.011) per share.

With the issuance of 1.88 billion new shares—equivalent to 21.08 percent of its total issued and fully paid-up capital—the company is poised to raise approximately IDR 353.44 billion in fresh funds.

Fore Coffee plans to allocate the proceeds toward three key areas of business growth and development.

Approximately IDR 275 billion will be used to expand its outlet network, with a target of opening 140 new coffee shops across Indonesia over the next two years.

In addition, around IDR 60 billion will be allocated to establishing new donut outlets through its subsidiaries, while the remaining IDR 18 billion will be used for working capital.

Mandiri Sekuritas and Henan Putihrai Sekuritas act as joint lead underwriters and intermediaries between investors and the capital market.

Fore Coffee is a coffee company established in 2018 with an online-to-offline business model.

The firm brings premium local coffee at an affordable price, setting a new standard of coffee enjoyment.

With more than 216 outlets in 43 cities in Indonesia, including tier 2 and 3 cities, and 1 outlet in Singapore as per September 2024, Fore Coffee plays a role in introducing a new coffee culture and lifestyle, with a commitment to technology, expertise and sustainability.

Founded in 2009, East Ventures is a sector-agnostic venture capital firm that provides multi-stage investment, from seed to growth stage investments, for over 300 tech companies across Southeast Asia.

As an early believer in the startup ecosystem in Indonesia and the most active investor in Southeast Asia, the firm is an early backer of prominent tech companies in the region, such as Tokopedia, Traveloka, Ruangguru, ShopBack, waresix, Xendit, IDN, Sociolla, Fore Coffee, Tech in Asia (acquired by SPH), Kudo (acquired by Grab), Loket (acquired by Gojek), and MokaPOS (acquired by Gojek).

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