Indonesia's 'Luckin Apprentice' Fore Coffee Raises Up to USD 24M in a Countercyclical IPO, Targeting 140 New Stores in Two Years

This is an English adaptation of a FoodBud historical article originally published on March 23, 2025.

For operators watching Southeast Asia, Fore Coffee is a useful case study in how a "value-premium" local chain can scale on a tech-led, asset-light model and then reach the public markets — even in a hostile window.

The IPO, and why timing didn't stop it

Founded in 2018 by Robin Boe and Elisa Suteja, Fore Coffee began as a single corner store in Jakarta and built its brand on affordable specialty coffee paired with digital-first operations. It reached profitability after a pandemic-era pullback and expansion, and in 2023 opened in Singapore — its first market outside Indonesia.

In early 2025 the company moved to list on the Indonesia Stock Exchange (IDX, ticker "FORE"). The plan: issue 1.88 billion new shares (about 21.08% of post-issue share capital) at IDR 160–202 per share, raising up to roughly IDR 379.76 billion (about USD 24M), at a valuation above USD 110M. Use of proceeds was concentrated on growth: about 76% toward roughly 140 new Fore Coffee outlets in Indonesia over two years, about 18% for a donut-shop venture under a subsidiary, and about 6% for general working capital. Existing shareholders' stake falls to roughly 78.92% after the issue.

The backdrop was difficult. Indonesia's market was rattled by post-pandemic investor caution, and on March 18 a trading halt (circuit breaker) suspended the exchange for 30 minutes. On that same day, Fore secured pre-approval from the financial regulator (OJK) to proceed. Board chairman and East Ventures co-founder Willson Cuaca framed the decision with a graduation analogy: whether graduation day is sunny or rainy doesn't change the value of the degree — the goal was to prove a mature, predictable, profitable business, not to chase a peak valuation. Management positioned the listing as a starting point for scale rather than an exit.

From cash-burn growth to self-funded profitability

The financial trajectory explains the confidence:

• Revenue: roughly RMB 48.8M (2021), RMB 130M (2022), RMB 219M (2023) — a three-year CAGR above 112%. For the first nine months of 2024, net sales reached about RMB 330M, up roughly 135% year on year.
• Gross margin: from 56.9% (2021) to about 62.7% (2023); 9M 2024 gross profit about RMB 203M.
• EBITDA: 9M 2024 EBITDA about RMB 61.36M, up 187% year on year.
• Net result: losses in 2021 (about RMB 15.37M) and 2022 (about RMB 27.24M), roughly breakeven in 2023 (about RMB 530K net profit), then about RMB 19.25M net profit for 9M 2024.

Positioning and the operating model

Fore targets Indonesia's fast-growing middle class with high-quality coffee at accessible prices — international-standard quality with local flavor innovation (e.g., Pandan Latte, Butterscotch Sea Salt Latte) and nationwide halal certification to build trust with Muslim consumers.

The competitive core is digital plus product velocity. Since launching its app in 2018, Fore has driven online ordering, personalization and loyalty in-house — surpassing 1.1 million active app users by September 2024 — which reduces dependence on third-party delivery platforms while precise digital marketing widens reach. A professional R&D team ships seasonal specials and collaborations to keep the menu fresh.

The store network uses three formats: flagship stores (200–350 sqm; social-hub experience; 9 stores as of September 2024), medium/standard stores (about 100–200 sqm in malls and offices; 111 stores, including Singapore), and satellite stores (under 100 sqm; takeaway and pickup; 97 stores). By September 2024 the chain operated 217 stores across Indonesia and Singapore, with Fore International Pte. Ltd. set up as an overseas investment vehicle.

Unit economics, as outlined in the prospectus and management commentary

Fore did not disclose exact per-store figures, but the article's estimates (drawn from volumes and the IPO plan) sketch the model:

• Throughput: about 18 million cups sold in 2023 across roughly 175 stores implies roughly 300 cups/store/day; flagships may reach 400–500, satellites about 150.
• Pricing: a "value-premium" range of roughly IDR 15,000–25,000 per drink — above the cheapest competitors (e.g., Kopi Kenangan) but well below international chains like Starbucks.
• Per-store investment (estimated from the plan to spend about 76% of proceeds, roughly IDR 289 billion, on about 140 stores — averaging about RMB 936K per store at a flagship:standard:satellite mix of roughly 1:8:1): flagships RMB 1.0–1.5M, standard RMB 0.5–0.8M, satellites RMB 0.1–0.3M.
• Payback (estimated): satellites possibly within a year, standard stores about 1.5–2 years, flagships beyond 2 years (with flagships also carrying a brand-marketing role).
• Productivity: a roughly 300-cup standard store run by 5–6 staff; satellites by 2–3 staff. Satellites carry the highest sales-per-sqm, flagships the lowest but with strategic brand value.

Same-store sales and replicability

Same-store sales growth (SSSG) has been strong: about +49.85% in 2022 (post-pandemic rebound on a low base, plus product and digital marketing), about +21.9% in 2023 even as the store count grew about 41%, and about +42.06% for 9M 2024. Management's read is that mature stores still carry intrinsic growth, though over time SSSG would likely normalize to single digits as network density rises — hence the push to expand roughly 140 stores within two years using IPO proceeds while the SSSG window is open.

Site selection, leases and renewal risk

Fore uses a tiered, broad-coverage site strategy: flagships in prime first/second-tier commercial districts; standard and satellite stores across malls, offices, campuses, transit hubs and communities for last-mile convenience. By 2024 the network spanned 43 Indonesian cities plus the Singapore pilot. The prospectus indicates most leases are fixed-rent (not revenue-share), making site accuracy critical, and typically run on a "3+3" structure (three-year term plus a three-year renewal option). Renewal can bring meaningful rent increases, especially for well-performing flagship locations — a recurring negotiation and cost pressure that satellites (small, low relocation cost) resist better than flagships.

Market context

Indonesia's coffee market is among the fastest-growing globally. Per the article (citing Redseer), it was about USD 670M in 2024 and is projected to reach about USD 1.3 billion by 2030 — roughly 1.8x in six years, about an 11% CAGR, ahead of Singapore (about 6%) and the US (about 5%). About 40% of adults drink coffee daily, but per-capita consumption (about 1.1 kg/year) trails Vietnam (about 2.0 kg) and Malaysia (about 2.2 kg), implying substantial headroom. Cafés grew from about 1,000 (2016) to over 3,000 (2019), and delivery apps (Gojek, Grab, ShopeeFood) expanded access; Fore's own app contributes about 30% of sales. Locally flavored iced "palm-sugar" lattes anchored the value-premium positioning that sits between premium international chains and traditional street stalls.

Takeaways for operators

Fore's story combines capital backing (East Ventures), supply-chain roots (early shareholder Otten Coffee, about 5% pre-IPO), a tech-driven new-retail model, and disciplined format design. The leadership mix — venture, chain-operations (CEO Vico Lomar, with Krispy Kreme / J.Co / Excelso / Maxx Coffee experience) and finance — reflects what it takes to ride an 11%-growth market: capital leverage, local insight, and strategic patience.