Jollibee group mulls over Highlands Coffee IPO in Vietnam
Jollibee Foods Corp. (JFC) said the board of its subsidiary Highlands Coffee is evaluating plans to pursue by the first quarter of 2027 a stock market debut in Vietnam.
In a statement on Wednesday, the JFC said the contemplated transaction would involve a standalone initial public offering (IPO) and listing of Highlands Coffee in its home market.
The move is intended to “unlock shareholder value and position the brand for its next phase of growth.”
Highlands Coffee serves as JFC’s Vietnamese coffee platform and has grown significantly since the fast-food giant acquired the brand in 2012.
At the time of acquisition, the coffee shop chain had 56 stores. It now operates nearly 1,000 stores, touted as the largest coffee shop chain in Vietnam.
JFC said the planned IPO would provide Highlands Coffee with direct access to capital markets, raise its corporate profile and enable greater strategic and operational focus as it strengthens its market position in Vietnam and expands across Southeast Asia.
The parent firm noted that Vietnam’s equity market has been rapidly expanding, driven by growing retail investor participation.
Vietnam is targeting about 9 million retail investor accounts by 2025 and around 11 million by 2030. This suggests rising market depth for consumer-focused growth companies.
Highlands Coffee has already engaged international and local advisors and has begun working on the structure, process and timing of the potential offering.
JFC is looking at completing the IPO by the first quarter of 2027, subject to market conditions and the completion of required steps such as diligence, internal restructuring and regulatory approvals.
JFC clarified that the information remains preliminary and there is no assurance that the IPO will proceed or that the final terms and timing will remain as currently contemplated.
Highlands Coffee is part of the Jollibee Group’s broader global portfolio, which spans 19 brands and more than 10,000 stores and cafés across 33 countries.
