The Jollibee Group is officially laying the groundwork to take Highlands Coffee, Vietnam’s leading coffee chain, public on the local stock exchange. In a recent disclosure, Jollibee Foods Corporation (JFC) confirmed that the board of Highlands Coffee is evaluating a standalone Initial Public Offering (IPO) in Vietnam, with a target completion date as early as the first quarter of 2027. This strategic move aims to capitalize on Vietnam’s booming retail investor market and provide the brand with direct access to capital for its next aggressive phase of regional expansion.
Highlands Coffee has become one of JFC’s most successful international investments, growing from just 56 stores when Jollibee first acquired a stake in 2012 to nearly 1,000 outlets today. Industry analysts suggest the IPO could value the coffee giant at between $300 million and $400 million, reflecting its status as the undisputed market leader in Vietnam’s competitive coffee landscape. The brand’s consistent double-digit growth in same-store sales and its successful entry into the Philippine market have made it a cornerstone of Jollibee’s goal to become one of the top five restaurant operators globally.
The planned listing comes at a time of high liquidity in Vietnam’s equity markets, where the government is targeting 11 million retail investor accounts by 2030. By spinning off Highlands Coffee as a publicly traded company, JFC intends to sharpen the brand’s operational focus while unlocking significant shareholder value. Proceeds from the offering are expected to fund further store rollouts across Southeast Asia and enhance the chain’s digital infrastructure. As Jollibee continues to diversify its “billion-dollar” coffee portfolio—which now includes The Coffee Bean & Tea Leaf and South Korea’s Compose Coffee—the Highlands IPO stands as a key milestone in its journey toward global dominance in the beverage sector.
With additional report: www.philstar.com
