Indonesian coffee chain Fore, backed by East Ventures, launched its initial public offering (IPO) on Mar. 19.

The initial offering period runs from Mar. 19, to Mar. 21, with the company offering up to US1.88 billion new shares, representing 21.08% of its enlarged capital.

The offering price between 160 rupiah (US$0.01) and 202 rupiah (US$0.01). The IPO could raise up to 379.76 billion rupiah (US$22.98 million).

The effective date is set for Mar. 25, followed by the public offering from Mar. 26 to Apr. 9.

Electronic distribution of shares is expected on Apr. 10, and the listing on the Indonesia Stock Exchange is scheduled for Apr. 11. Shares issued through the IPO will have equal rights to existing shares.

PT Mandiri Sekuritas and PT Henan Putihrai Sekuritas are underwriting the IPO.