JAKARTA - The controlling shareholder of PT Fore Kopi Indonesia Tbk (FORE) insists that it will not release its ownership after the Initial Public Offering (IPO).

The Ultimate Beneficial Owner (UBO) who also serves as FORE's President Commissioner, Wilson Cuaca, emphasised that the IPO is not an exit strategy for existing investors.

‘Will investors exit during the IPO? The answer is no, because East Ventures has a long term view,’ said Wilson, at FORE's Investor Gathering, held on Friday (21/3) yesterday.

If existing investors choose to exit as FORE shareholders, Wilson said, of course the IPO will not be held at this time. The reason, added Wilson, is that the market is currently in its worst condition since the pandemic.

‘If investors want to exit, we should IPO at a high time. So we can optimise valuation,’ Wilson explained.

In addition, Wilson emphasised that FORE held the IPO to raise additional capital, in order to support a number of its expansion plans. Not a penny of the funds will be used to repay debt.

‘All the new money is only used for primary. There is no secondary debt payment,’ said Wilson.

As previously reported by IDNFinancials.com, FORE is offering 1.88 billion shares or 21.08% of its shares through an IPO. With an initial offering price of Rp160-202 per share, the coffee shop company has the potential to raise up to 379.76 billion in fresh funds from the IPO. (KR/LM)