Jollibee's Highlands Coffee explores Vietnam IPO to unlock shareholder value

Jollibee Group has confirmed that the board of directors of its subsidiary, Highlands Coffee, is evaluating a planned initial public offering (IPO) in Vietnam.

The contemplated transaction would involve a standalone IPO and listing of Highlands Coffee, positioning the Vietnamese coffee brand as a publicly traded company.

Describing the move as a strategic next step, Jollibee highlighted Highlands Coffee as “one of the most attractive growth and value creation stories within the company’s portfolio, reflecting both strategic M&A success and post-acquisition organic expansion.”

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Since Jollibee’s investment in 2012, Highlands Coffee has grown from 56 stores to nearly 1,000 today, underlining its rapid expansion and strong market presence.

“The proposed IPO is intended to support Highlands Coffee’s next phase of growth by providing direct access to capital markets, elevating its corporate profile, and enabling greater strategic and operational focus as the leading Vietnamese coffee brand in Vietnam and across Southeast Asia,” Jollibee said.

Vietnam’s equity market has seen some of the fastest growth in the region, bolstered by increasing retail investor participation. The country targeted approximately 9 million retail investor accounts by 2025 and 11 million by 2030, demonstrating growing depth and relevance for consumer-focused companies.

“Highlands Coffee has engaged international and local advisers and has commenced work on defining the structure, process, and timing for the potential IPO,” Jollibee added. The company is targeting completion by the first quarter of 2027, subject to market conditions, regulatory approvals, and internal preparations.

Highlands Coffee’s IPO plan forms part of Jollibee’s broader portfolio strategy. Jollibee Group, managing 19 brands across 33 countries with over 10,000 stores and cafés, owns stakes in several other coffee and beverage platforms including The Coffee Bean and Tea Leaf (80%) and Compose Coffee (70%).

Previously, Jollibee announced plans to create a separate international entity to house its overseas businesses and pursue a US listing, while retaining all domestic operations under Jollibee Foods Corporation on the Philippine Stock Exchange. The move aims to sharpen Jollibee’s global growth narrative, increase visibility, and unlock shareholder value, with the transaction targeted for late 2027.

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