ZUS Coffee considers IPO as Malaysia’s coffee chain eyes 2027 listing

MALAYSIA – Malaysia’s technology-enabled coffee chain ZUS Coffee is considering an initial public offering (IPO) of its Malaysian business that could raise at least RM1 billion (US$245 million), according to Bloomberg, citing people familiar with the matter. 

Owner Zuspresso is working with financial advisers on the potential listing, which could value the business at approximately RM4 billion. A listing on Bursa Malaysia could take place as early as mid-2027, although discussions remain ongoing and the timing and size of the offering could change. 

ZUS Coffee opened its first outlet in 2019 and surpassed Starbucks in 2024 to become Malaysia’s largest coffee chain by store count. The company has continued its rapid expansion and reached 1,000 outlets in October, including stores in Thailand, the Philippines and Singapore. 

The potential IPO would come amid stronger activity in Malaysia’s equity markets. Bloomberg data showed that companies had raised about US$1.5 billion through IPOs in Malaysia this year, compared with US$978 million during the same period in 2025. 

ZUS Coffee secured RM250 million in investment in September 2024 from a consortium comprising private equity firm KV Asia Capital, Malaysian pension fund Kumpulan Wang Persaraan (Diperbadankan) (KWAP) and Indonesian fast-moving consumer goods company Kapal Api Group. The company said the investment would support its expansion and move into new business areas. 

ZUS Coffee founder and chief executive officer Ian Chua said the investment would “support our move into new verticals like FMCG.”  

The company has since expanded beyond coffee shops, launching canned sparkling coffee in 2024. It has also continued its Southeast Asian expansion, entering Indonesia in May 2026 with its first Jakarta outlet in partnership with Kapal Api Group. Group COO Venon Tian said Indonesia represented a strategic market because of its coffee culture and changing consumer demand. 

“Our mission has always been clear: to make specialty coffee accessible to everyone,” Tian said. 

ZUS also entered Thailand as part of plans to add nearly 200 stores across Southeast Asia. Zuspresso previously targeted at least 107 additional outlets in Malaysia, around 80 in the Philippines and six in Singapore. 

The company’s potential IPO would follow its rapid expansion from a delivery-focused coffee kiosk into a regional chain operating more than 1,000 outlets. 

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