Jollibee Foods Corporation considers IPO for Highlands Coffee in Vietnam
Jollibee is evaluating a potential IPO for Highlands Coffee in Vietnam, aiming to unlock shareholder value and fund expansion as the coffee chain approaches 1,000 outlets.
VIETNAM – Jollibee Foods Corporation is exploring a new growth phase for its Vietnamese coffee brand Highlands Coffee as the company evaluates plans to list the business on Vietnam’s Stock Exchange through an initial public offering (IPO).
The board of Highlands Coffee, which operates as a subsidiary of Jollibee and serves as the group’s primary coffee platform in Vietnam, is currently studying the feasibility of a standalone IPO. The proposed listing would allow the brand to become a publicly traded company in its home market while unlocking additional shareholder value.
“The board of Highlands Coffee is studying the feasibility of a standalone IPO that would allow the brand to become a publicly traded company in Vietnam,” the company said in a statement.
Highlands Coffee has grown into one of the strongest-performing brands within Jollibee’s international portfolio. The coffee chain has experienced rapid expansion since Jollibee first invested in the brand in 2012.
At the time of the acquisition, Highlands Coffee operated just 56 stores. The network has since expanded significantly to nearly 1,000 locations, reinforcing its position as one of the leading coffee chains in Vietnam.
The potential public listing is expected to provide the company with direct access to capital markets, which could support future expansion and strengthen its corporate profile as it continues to scale its operations across Vietnam and the broader Southeast Asian region.
According to Jollibee, the move is designed to position the brand for the next phase of growth while enhancing its ability to compete in a rapidly evolving regional coffee industry.
Vietnam’s capital markets have also been gaining momentum in recent years, particularly among consumer-focused companies seeking to raise capital for expansion. Increased participation from retail investors has boosted liquidity in the country’s equity market.
Authorities in Vietnam have set targets to grow the number of retail investor accounts to about nine million by 2025 and 11 million by 2030 as part of efforts to deepen capital market participation.
Highlands Coffee has already engaged both international and local advisors to begin preparing the groundwork for the potential IPO.
“The company is currently studying the optimal structure, timeline, and process for the transaction,” Jollibee said.
Jollibee Foods Corporation is targeting completion of the IPO by the first quarter of 2027, subject to prevailing market conditions and the completion of key steps including due diligence, internal restructuring and regulatory approvals.
However, the company emphasized that the plan remains under evaluation.
“There can be no assurance regarding the final terms, timing, or completion of the potential offering,” the company said.
Jollibee also clarified that the announcement does not constitute an offer to sell securities and that further updates will be provided in accordance with applicable regulatory requirements.
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