JAKARTA – PT Fore Kopi Indonesia Tbk (FORE) plans to release up to 1.88 billion shares, equivalent to 21.08% of its issued and fully paid-up capital, through an Initial Public Offering (IPO).

Currently, Fore Holding Pte Ltd holds 99.997% of FORE’s shares, while PT Otten Coffee Indonesia owns 0.003%.

FORE has set the initial offering price (bookbuilding) in the range of IDR 160–IDR 202 per share, with the potential to raise up to IDR 379.76 billion from this corporate action.

The bookbuilding period for FORE runs from 19 to 21 March 2025, while the public offering is expected to take place from 26 March to 9 April 2025. The listing of FORE shares on the Indonesia Stock Exchange (IDX) is scheduled for 11 April 2025.

The ultimate beneficial owner of FORE is Willson Cuaca, who is also the Co-Founder and Managing Partner of East Ventures.

Willson Cuaca emphasised that this IPO is not an exit strategy but a move to ensure the business's sustainability. “An IPO is like graduation, signifying a more sustainable and predictable business,” he told the media in Jakarta, on Wednesday (19/2).

Willson added that East Ventures remains committed to bringing its portfolio to the stock market this year, despite the fluctuating condition of the Indonesian capital market. “Whether the market is good or bad, we IPO because our goal is not to exit,” said Willson.

For information, the underwriters of FORE’s IPO are PT Mandiri Sekuritas and PT Henan Putihrai Sekuritas.

FORE plans to allocate around 76% of the funds raised for business expansion by opening approximately 140 new outlets, which are currently awaiting operational permits. (DK/KR/ZH)