Fore Coffee, backed by East Ventures, has initiated an initial public offering (IPO) on the Indonesia Stock Exchange (IDX). The Jakarta – based coffee chain is putting up to 1.88 billion new shares on offer, representing 21.08% of its enlarged capital. The company aims to raise up to Rp 379.7bn ($23m).
In its IPO prospectus, Fore Coffee detailed its strategic plans for the funds. Roughly three – quarters of the raised capital will be channelled towards expanding its footprint in Indonesia. Currently operating 230 stores in the country, the premium coffee chain has set its sights on opening 60 new stores in 2025 and an additional 80 in 2026. These new outlets will include both large – scale flagship stores and smaller, convenient on – the – go locations.
The IPO also paves the way for Fore Coffee to diversify its business. The company intends to launch two new doughnut and bakery concepts. By 2027, Fore Coffee aims to open 30 outlets across these two new segments, using around 18% of the IPO proceeds to finance these ventures.
The remaining funds from the IPO will serve as working capital. This capital will be utilized for purchasing raw materials, covering packaging expenses, paying rent, and settling utility costs.
Fore Coffee has a history of successful fundraising, having previously amassed $53m across multiple investment rounds. In November 2023, it opened an outlet at Singapore’s Bugis Junction shopping centre, which remains its sole international location. The coffee chain anticipates opening a second Singaporean outlet by July 2025, indicating its gradual foray into international markets while simultaneously focusing on domestic growth and diversification through the IPO.
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