MANILA, Philippines — Jollibee Foods Corporation (JFC) has officially announced that its subsidiary, Highlands Coffee, is exploring a standalone Initial Public Offering (IPO) in Vietnam. The move aims to unlock shareholder value and provide the coffee giant with direct access to capital markets for its next phase of expansion.
- Target Completion: If the plan proceeds, the listing is targeted for completion by the first quarter of 2027, depending on market conditions and regulatory approvals.
- Valuation & Goal: Reports suggest the IPO could aim to raise between $300 million and $400 million. The primary goal is to sharpen the brand’s strategic focus as it expands across Vietnam and the broader Southeast Asian region.
- Advisers Engaged: Highlands Coffee has already engaged both international and local financial advisers to begin working on the potential structure and timing of the offer.
Jollibee’s investment in Highlands Coffee is considered one of its most successful international ventures:
- Store Count: Since JFC first invested in 2012, the chain has grown from just 56 unprofitable stores to nearly 1,000 outlets today.
- Market Position: Highlands Coffee is currently the “undisputed No. 1” coffee chain in Vietnam by market share, serving over 100 million customers annually.
- Financial Performance: In the first half of 2025 alone, the brand generated an EBITDA of approximately ₱1.17 billion ($20.4 million), maintaining double-digit same-store sales growth.
This IPO exploration coincides with Jollibee’s wider global restructuring. In early 2026, the group announced plans to create a standalone international business with the intent of listing it on a U.S. securities exchange (Wall Street). The Vietnam listing for Highlands Coffee would complement this by establishing a strong, publicly traded presence in its home market.
