Jollibee says says preliminary work underway for Highlands Coffee’s Vietnam IPO

Jollibee Foods Corp.’s (JFC) subsidiary Highlands Coffee is looking into a possible initial public offering (IPO) in Vietnam as early as the first quarter of 2027, with preliminary work on the potential listing underway.

According to JFC, Highlands Coffee has already engaged international and local advisors and has already started to define the structure, process, and timing to go public, subject to market conditions and regulatory approval. Further details were not disclosed.

“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,” JFC said.

JFC — which invested in Highlands Coffee in 2012 — cited Vietnam’s equity market liquidity growth being among the fastest in the region, with the country targeting 9 million retail investor accounts by 2025 and 11 million by 2030.

The Jollibee Group has an ownership stake in SuperFoods Group, which operates Highlands Coffee, which currently operates some 1,000 stores versus 56 stores since JFC’s acquisition and has claimed to be the top coffee chain in Vietnam.

The latest announcement comes as JFC plans to create a standalone international business — Jollibee Foods Corporation International (JFCI) — which it intends to list on a US securities exchange by 2027. It is already reviewing the transaction structure for the planned listing.

The Jollibee Group’s portfolio includes wholly-owned brands Jollibee, Chowking, Greenwich, Red Ribbon, Mang Inasal, Yonghe King, Hong Zhuang Yuan, Smashburger, and Tim Ho Wan; and franchised brands Burger King, Panda Express, Yoshinoya, Common Man Coffee Roasters, and Tiong Bahru Bakery.

It also has ownership stakes in The Coffee Bean and Tea Leaf (80%), Compose Coffee (70%), and bubble tea brand Milksha (51%), along with membership interests in Tortazo, LLC.

Just last month JFC, through its subsidiary Jolli-K Co. Ltd., inked an $87-million agreement to acquire All Day Fresh Co. Ltd. which operates Korea’s hot pot chain Shabu All Day. —VAL, GMA Integrated News