Indonesia’s Fore Kopi Soars On Market Debut As Stocks Rebound (2025)

Shares of Fore Kopi Indonesia soared on its first trading day in Jakarta amid optimism the Indonesian coffee chain’s expansion and diversification into donuts will boost revenue growth in the coming years.

The company, also known as Fore Coffee, raised 353.4 billion rupiah ($21 million) from its IPO, braving the market meltdown sparked by U.S. President Donald Trump’s intensifying trade war.

Backed by venture capital firm East Ventures, Fore Kopi sold 1.88 billion shares at 188 rupiah each, valuing the the company at 1.6 trillion rupiah. There was overwhelming demand for its shares, with the IPO attracting more than 114,000 new investors and oversubscribed by over 200 times.

Fore Kopi shares jumped 34% to 252 rupiah at midday trading in Jakarta. The benchmark index for Indonesian stocks climbed 1.9%, recouping some of the losses from last week when global equity markets tumbled after Trump imposed higher tariffs on as many countries only to suspend the implementation of some of the tariffs.

“The decision to proceed with the IPO amid global market volatility was ultimately the right one. It may seem counterintuitive, but it was made with strong conviction," Willson Cuaca, president commissioner of Fore Kopi, said.

Fore Kopi was undaunted despite the market turmoil. “Tanking markets don’t change the fundamentals of our company," Cuaca, who is also founding partner of East Ventures, said. "Investors can see Fore is a good company, with high growth, good coffee, numerous and comfortable outlets, and most importantly, we have a unique market of affordable premium coffee segment.”

The fresh funds raised from IPO will support the company’s expansion plans. Fore Kopi will spend 275 billion rupiah to add 140 new outlets in the next two years to its existing 257 outlets, It also earmarked 60 billion rupiah to bankroll its subsidiary Cipta Favorit Indonesia’e venture into donuts, while the rest of the proceeds will be used to working capital.

“With the IPO proceeds for outlet expansion and business diversification into donuts, I expect the IPO will bring positive results for Fore Kopi,” Daniel Agustinus, an analyst at Kanaka Hita Solvera, a financial consulting firm in Jakarta, said.

The company has seen robust growth in recent years, with its revenue more than doubling to 1 trillion rupiah in 2024. Cuaca said he expects the topline to increase another 40-50% this year. Indonesia is one of the world’s fastest-growing coffee markets with industry revenue expected to reach $13 billion by 2030 from $6.7 billion last year, according to RedSeer Strategy Consultants.

Fore Kopi was cofounded in 2018 by current CEO Vico Lomar and former CEO Elisa Suteja, who is also a Forbes 30 Under 30 alumna from class of 2020. It initially offered online ordering and on-demand delivery through its app, before establishing physical stores.

In 2018, the company raised $9.5 million in Series A funding from East Ventures, which has offices across Indonesia, Japan and Singapore. It also counts Indonesian tycoon Theodore Rachmat’s investment holding company Triputra Investindo Arya among its shareholders.