KONTAN.CO.ID - SINGAPORE. Indonesian coffee chain Fore said on Friday its initial public offering was more than 200 times oversubscribed, buoyed by a caffeine boom in Southeast Asia's largest and most populous country.

The seven-year old company said it expects to raise about 353.44 billion rupiah ($21 million) in fresh funds for its listing on April 14, owing to interest from 114,873 retail investors.

The coffee chain's upcoming debut could be a bright spot on Indonesia's stock market, which fell 9% on Tuesday, with the rupiah sinking to a record low. Fore is the first domestic coffee chain to list on the bourse.

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The coffee market in Indonesia, a country of about 280 million people, is projected to reach up to $12.6 billion in the next five years, according to a 2024 report by research firm Red Seer.

Incubated internally by Southeast Asian venture capital fund East Ventures, Fore is intending to use the IPOâ??s proceeds to finance an expansion of 140 shops across Indonesia. Underwriters on the deal are Mandiri Securitas and Henan Putithrai Sekuritas.