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[JAKARTA] Fore Kopi Indonesia (Fore Coffee) seems to be unfazed by recent market volatility. Instead, it is riding Indonesia’s caffeine boom, and brewing up expansion plans with new stores and restaurant ventures, fuelled by its upcoming initial public offering (IPO).

The East Ventures-backed startup, one of the country’s largest coffee chains, aims to raise 379.8 billion rupiah (S$30.7 million) in its stock-market debut on Apr 11. It is offering around 1.88 billion shares, equivalent to 21.08 per cent of its total stake, at a price range of 160 to 202 rupiah per share.

Undeterred by Indonesia’s market slump, Fore Coffee chief executive officer Vico Lomar remains confident about the company’s stock-market debut, banking on the nation’s seemingly insatiable thirst for coffee to drive its growth in South-east Asia’s largest economy.

“We see huge potential in Indonesia’s premium-coffee market, and this IPO will provide the resources we need to seize that opportunity,” he said at a press conference on Friday (Mar 21).

The company plans to channel 76 per cent of its IPO proceeds into expanding its outlet network across Indonesia, with the goal of operating in up to 600 locations within the next four years.