Fore Kopi will start trading in Jakarta on Monday after raising $21 million from its IPO.<\/p>\n
COURTESY OF EAST VENTURES<\/p>\n
Indonesian startup Fore Kopi Indonesia<\/a>, also known as Fore Coffee, raised 353.4 billion rupiah ($21 million) from its IPO, braving the market meltdown sparked by U.S. President Donald Trump\u2019s intensifying trade war.<\/p>\n Backed by venture capital firm East Ventures, Fore Kopi sold 1.88 billion shares at 188 rupiah each, valuing the the company at 1.6 trillion rupiah. The company will start trading in Jakarta on Monday following overwhelming demand for its shares. The IPO attracted more than 114,000 new investors, with the maiden share sale oversubscribed by over 200 times.<\/p>\n The company is undaunted even as global equity markets tumbled after Trump imposed higher tariffs on as many countries only to suspend the implementation of some of the tariffs. Indonesia\u2019s benchmark stock index has fallen more than 3% this week, while the rupiah traded near a record low.<\/p>\n \u201cTanking markets don\u2019t change the fundamentals of our company,” Willson Cuaca, president commissioner of Fore Kopi, told Forbes Asia. “Investors can see Fore is a good company, with high growth, good coffee, numerous and comfortable outlets, and most importantly, we have a unique market of affordable premium coffee segment,\u201d<\/p>\n Companies typically list their shares on the stock exchange when the market is bullish, expecting good valuation as the existing shareholders aim to exit or the company plans to repay debt, said Cuaca, who is also the founding partner of venture capital firm East Ventures<\/a>, majority shareholder of Fore Kopi. That\u2019s not the case for Fore Kopi. \u201cEast Ventures will not exit,” Cuaca said. “We will use the IPO proceeds for expansion plans.\u201d<\/p>\n Trump\u2019s tariff doesn\u2019t affect the company, as Fore Kopi uses Indonesian arabica coffee beans from local farmers and only sells its product within its coffee chain in the country, Cuaca said.<\/p>\n The fresh funds raised from IPO will support the company\u2019s expansion plans. Fore Kopi will spend 275 billion rupiah to add 140 new outlets in the next two years to its existing 257 outlets, It also earmarked 60 billion rupiah to bankroll its subsidiary Cipta Favorit Indonesia\u2019e venture into donuts, while the rest of the proceeds will be used to working capital.<\/p>\n The company has seen robust growth in recent years, with its revenue more than doubling to 1 trillion rupiah in 2024. Cuaca said he expects the topline to increase another 40-50% this year. Indonesia is one of the world\u2019s fastest-growing coffee markets with industry revenue expected to reach $13 billion by 2030 from $6.7 billion last year, according to RedSeer Strategy Consultants.<\/p>\n Fore Kopi was cofounded in 2018 by current CEO Vico Lomar and former CEO Elisa Suteja, who is also a Forbes 30 Under 30 alumna from class of 2020. It initially offered online ordering and on-demand delivery through its app, before establishing physical stores.<\/p>\n