Piping hot news! Indonesian homegrown affordable coffee chain Fore Coffee kicked off its debut on the Indonesian Stock Exchange (IDX) yesterday. They issued 1.88B new shares.

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☕ Big debut

On April 14, 2025, shares of Fore Coffee opened at 252 IDR ($0.015). That’s 34.04%, higher than its IPO price of 188 IDR ($0.011) per share.

The IPO raised 353.4B IDR (~$21M) and the offering was oversubscribed by 200 times.

• Their debut was so strong that it led the IDX to suspend trading because the stock exceeded the auto-reject threshold.

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❤️‍🔥 Steaming hot debut

Fore Coffee still decided to IPO during a tough time in the Indonesian market—and a time of global volatility. 

And they know people are watching. 

• The Indonesian startup ecosystem faces a lot of uncertainty today, especially because of scandals by beloved local unicorn startup, eFishery.
• It’s also a consumer startup, so the performance of Fore’s debut will likely impact other consumer companies in the country.
• Oh, and Indonesia was just hit by a 32% tariff from the US. (One of the highest in Asia.)

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🏪 More on Fore Coffee

Fore Coffee became the 12th company to list on the IDX this year. 

Fore’s investors, including East Ventures, have agreed to a 12-month post-IPO lock-up period. 

• A lock-up period is a period when major shareholders are prohibited from selling their existing shares. 
• The required term by the IDX is eight months.  

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🏗️ Future plans? 

Fore plans to use their IPO proceeds in three key areas. 

• They’ll allot 275B IDR (~$16.3M) to expand their coffee shop network, with a target of opening 140 new outlets across Indonesia in the next two years. 
• They’ll also use 60B IDR (~$3.5M) to expand to a donut outlet business via its subsidiary and around 18.44B IDR (~$1M) to support their working capital needs. 

Baseline. Launched in 2018, Fore Coffee has more than 200 outlets in 43 cities in Indonesia. Oh, and they have 1 outlet in Singapore!