{"id":603,"date":"2026-05-06T04:21:11","date_gmt":"2026-05-06T04:21:11","guid":{"rendered":"https:\/\/bbs.binus.ac.id\/master-program\/?p=603"},"modified":"2026-05-06T04:21:28","modified_gmt":"2026-05-06T04:21:28","slug":"ipo-analysis-of-pt-fore-kopi-indonesia-tbk","status":"publish","type":"post","link":"https:\/\/bbs.binus.ac.id\/master-program\/2026\/05\/06\/ipo-analysis-of-pt-fore-kopi-indonesia-tbk\/","title":{"rendered":"IPO ANALYSIS OF PT FORE KOPI INDONESIA TBK"},"content":{"rendered":"

<\/p>\n

ROIHANS MUHAMMAD IQBAL<\/span><\/b><\/p>\n

2702751832\u00a0\u00b7\u00a0Binus Business School<\/span><\/p>\n

PT FORE KOPI INDONESIA TBK<\/b>\u00a0<\/span><\/p>\n

IPO Analysis \u00b7 April 2025<\/i>\u00a0<\/span><\/p>\n

\n

<\/p>\n

SECTION 01<\/b>\u00a0<\/span><\/p>\n

Introduction<\/span><\/b><\/p>\n

The Indonesian capital market has recently seen an increase in companies going public, particularly those focused on consumer growth. Many of these companies conduct IPOs not to stabilize their finances but to accelerate expansion \u2014 PT Fore Kopi Indonesia\u00a0Tbk\u00a0(FORE) being a prime example.<\/span>\u00a0<\/span><\/p>\n

FORE launched its IPO in April 2025, positioning itself as a high-growth player in the competitive food and beverage (F&B) sector. Listing at such an early stage of expansion raises a key question: does the IPO reflect a sound business decision or is it driven more by market expectations for future growth?<\/span>\u00a0<\/span><\/p>\n

This paper analyses FORE’s IPO by examining its corporate action and\u00a0objectives, use of proceeds, financial performance, share price movements, and investment attractiveness.<\/span><\/p>\n

SECTION 02<\/b><\/span><\/p>\n

IPO Objectives & Proceeds<\/span><\/b><\/p>\n

FORE issued approximately 1.88 billion shares at a price of IDR 188 per share, raising\u00a0approximately IDR\u00a0353 billion. The IPO\u00a0opened\u00a0approximately 21%\u00a0public\u00a0ownership, while majority ownership remained with Fore Holdings Pte. Ltd.,\u00a0indicating\u00a0a concentrated ownership structure.<\/span>\u00a0<\/span><\/p>\n

The primary purpose of this action was to fund expansion \u2014 opening new stores, supporting subsidiary growth, and strengthening working capital \u2014\u00a0signalling\u00a0a growth-first strategy rather than financial restructuring.<\/span>\u00a0<\/span><\/p>\n

Strategically, this aligns with coffee retail dynamics where scale is crucial for brand visibility.\u00a0However, such an approach carries higher execution risk, as success depends on translating expansion into sustainable profitability.<\/span><\/p>\n

<\/p>\n

SECTION 03<\/b><\/span><\/p>\n

Use of IPO Proceeds<\/span><\/b>\u00a0<\/span><\/p>\n

The allocation of FORE’s IPO proceeds was used for strategic expansion, consistent with F&B industry dynamics. FORE increased its store count from 231 in 2024 to 316 in 2025,\u00a0demonstrating\u00a0that the funds were being actively\u00a0utilized.<\/span>\u00a0<\/span><\/p>\n

While business expansion\u00a0supported\u00a0revenue growth and brand strengthening, the food and beverage industry is highly competitive. Rapid scale-up often leads to increased operating costs and inefficiencies \u2014 reflected in FORE’s high operating costs despite strong revenue growth.<\/span>\u00a0<\/span><\/p>\n

Furthermore, the company relies heavily on leased assets, creating fixed cost obligations that increase financial risk if growth slows. Overall, the strategic use of IPO proceeds is sound but\u00a0execution-dependent.<\/span><\/p>\n

SECTION 04<\/b><\/span><\/p>\n

Post-IPO Financial Performance<\/span><\/b>\u00a0<\/span><\/p>\n

FORE demonstrated strong financial growth following its IPO. Revenue increased from approximately IDR 1.04 trillion in FY24 to IDR 1.50 trillion in FY25 \u2014 representing growth of approximately 44%. Net profit also improved from IDR 58.2 billion to IDR 90.1 billion.<\/span><\/p>\n

<\/p>\n

SECTION 05<\/b><\/span><\/p>\n

Stock Price Movement<\/span><\/b>\u00a0<\/span><\/p>\n

FORE’s stock performance since its IPO has been exceptional. On its first trading day, the stock closed at IDR 252 \u2014 a 34% premium over its IPO price of IDR 188. Over the following year, the stock reached\u00a0approximately IDR\u00a0975, implying a return of over 400%.<\/span>\u00a0<\/span><\/p>\n

The price movement unfolded in three phases: (1)\u00a0an initial\u00a0surge driven by strong market demand and investor enthusiasm; (2) a period of volatility as the market reassessed valuation; and (3) a renewed upward trend\u00a0indicating\u00a0increased confidence in the company’s growth prospects.<\/span><\/p>\n

<\/p>\n

<\/p>\n

SECTION 06<\/b><\/span><\/p>\n

Investment Decision<\/span><\/b>\u00a0<\/span><\/p>\n

Investing in FORE at the IPO stage can be categorized as a high-risk, potentially high-reward decision. FORE presents\u00a0a strong growth\u00a0narrative supported by increasing revenue, improving profitability, and an aggressive expansion strategy.<\/span>\u00a0<\/span><\/p>\n

Research by Ritter (1991) shows that IPOs often generate high\u00a0initial\u00a0returns due to underpricing and strong investor demand. FORE’s 34% first-day gain is consistent with this pattern,\u00a0indicating\u00a0that initial price movements may not be driven solely by fundamentals.<\/span>\u00a0<\/span><\/p>\n

Analytically, FORE sits between two precedents: Starbucks \u2014 which successfully translated rapid store expansion into long-term profitability \u2014 and WeWork, whose growth narrative collapsed under unsustainable fundamentals. FORE has\u00a0demonstrated\u00a0increasing profitability but has not yet proven strong operational efficiency\u00a0at\u00a0scale.<\/span>\u00a0<\/span><\/p>\n

Therefore, investing in FORE is considered speculative: it depends heavily on the company’s ability to translate expansion into sustainable, efficient growth. Suitable for investors with higher risk tolerance and a long-term horizon; less suitable for those seeking stable, predictable returns.<\/span><\/p>\n

SECTION 07<\/b><\/span><\/p>\n

Conclusion<\/span><\/b>\u00a0<\/span><\/p>\n

FORE’s IPO\u00a0demonstrates\u00a0a clear growth-oriented strategy, with proceeds effectively\u00a0allocated\u00a0to business expansion. The company has\u00a0demonstrated\u00a0strong\u00a0initial\u00a0financial performance and has attracted positive market sentiment, as reflected in dramatic share price appreciation.<\/span>\u00a0<\/span><\/p>\n

However, the company’s future success depends on its ability to manage rapid expansion while\u00a0maintaining\u00a0profitability. The high valuation and strong share performance\u00a0indicate\u00a0that investor expectations are already elevated.<\/span>\u00a0<\/span><\/p>\n

Overall, FORE can be seen as a promising investment with material risk caveats. Long-term value creation will depend on execution rather than strategy alone.<\/span><\/p>\n

<\/p>\n

Sources & Bibliography<\/span><\/b>\u00a0<\/span><\/p>\n

    \n
  • Fore Annual Report (audited) for 2024\u20132025.<\/span><\/li>\n
  • FORE Stock Movement data sourced from Yahoo Finance.<\/span><\/li>\n
  • Ritter, J. R. (1991). The long-run performance ofinitialpublic offerings.\u00a0The Journal of Finance, 46(1), 3\u201327.<\/span>\u00a0<\/span><\/li>\n
  • Gelles, D., & de la Merced, M. J. (2019, September 30). WeWork withdraws I.P.O. filing. The New York Times.<\/span><\/li>\n
  • Shedd, K. (2019, January 7). How Starbucks went from one coffee bean store to an$80 billionbusiness. CNBC.<\/span>\u00a0<\/span><\/li>\n<\/ul>\n
    \n

    YOUR NEXT STEP\u00a0<\/span><\/p>\n

    Join MM Pro<\/b>\u00a0<\/span><\/p>\n

    Binus Business School<\/b><\/span><\/p>\n

    \n

    Become part of a\u00a0<\/span>Global Academic Community<\/span><\/b>\u00a0\u2014 sharpen your business acumen, expand your network,<\/span>\u00a0<\/span><\/p>\n

    and lead with confidence in the world’s most dynamic markets.<\/span><\/p>\n

    <\/p>\n","protected":false},"excerpt":{"rendered":"

    ROIHANS MUHAMMAD IQBAL 2702751832\u00a0\u00b7\u00a0Binus Business School PT FORE KOPI INDONESIA TBK\u00a0 IPO Analysis \u00b7 April 2025\u00a0 SECTION 01\u00a0 Introduction The Indonesian capital market has recently seen an increase in companies going public, particularly those focused on consumer growth. Many of these companies conduct IPOs not to stabilize their finances but to accelerate expansion \u2014 PT […]<\/p>\n","protected":false},"author":55,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-603","post","type-post","status-publish","format-standard","hentry","category-articles"],"_links":{"self":[{"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/posts\/603","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/users\/55"}],"replies":[{"embeddable":true,"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/comments?post=603"}],"version-history":[{"count":2,"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/posts\/603\/revisions"}],"predecessor-version":[{"id":614,"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/posts\/603\/revisions\/614"}],"wp:attachment":[{"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/media?parent=603"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/categories?post=603"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bbs.binus.ac.id\/master-program\/wp-json\/wp\/v2\/tags?post=603"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}