Fore Coffee seeks $23m in IPO to fuel expansion

76% will be used to open 140 outlets across Indonesia.

PT Fore Kopi Indonesia Tbk, better known as Fore Coffee, plans to raise $23m (IDR379.7b) through its upcoming initial public offering on the Indonesia Stock Exchange.

The company is offering up to 1.88 billion new shares, representing 21.08% of its post-IPO capital.

Fore Coffee said it expects to use about 76% to open 140 new outlets in Indonesia where it has around 230 cafes. It plans to open 60 in 2025 and an additional 80 in 2026, including flagship, medium, and satellite formats.