IPO Highlight Fore Kopi Indonesia
KBVS Update
Wednesday 26 March 2025
IPO Highlight PT Fore Kopi Indonesia (FORE)
■ PT Fore Kopi Indonesia (FORE), plans an IPO of 1.88 billion shares, representing 21.08% of its total issued and fully paid capital, with an offering price range between IDR 160 and IDR 202 per share.
■ Around 76% of the IPO proceeds will be allocated for expanding Fore Coffee's outlet network across Indonesia, with plans to open around 140 new outlets over the next two years. An additional 18% will be used to launch new donut outlets through a subsidiary, and the remaining 6% allocated for working capital.
■ Fore Coffee targeting the premium affordable segment, offering high-quality coffee at competitive prices. The company still has room for growth, supported by its ongoing outlet expansion and strategic pricing model.
■ At an offering price range of IDR 160-202 per share, FORE’s valuation translates to a 2024 price-to-earnings (PE) ratio of 25.27x-31.91x and a post-IPO price-to-book value (PBV) of 2.65x-2.95x.
■ The IPO offering period is expected from 26 March - 09 April 2025 with IDX listing on 11 April 2025.
Regards,
KBVS Research team
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