Jollibee Foods Corporation is considering taking its Vietnamese coffee brand Highlands Coffee public, a move that could unlock new growth opportunities and strengthen the brand’s position as the dominant coffee chain in Vietnam.
The board of Highlands Coffee is currently evaluating a potential initial public offering (IPO) that would involve a standalone listing in Vietnam. If pursued, the transaction would transform the fast-growing coffee chain into a publicly traded company in one of Southeast Asia’s most dynamic consumer markets.
Highlands Coffee has become one of the most successful international brands within Jollibee’s expanding global portfolio. Since Jollibee acquired a stake in the company in 2012, the brand has undergone rapid expansion—growing from just 56 stores at the time of investment to nearly 1,000 outlets across Vietnam today.
The proposed IPO is intended to support the company’s next phase of growth by providing direct access to capital markets. It would also enhance Highlands Coffee’s corporate visibility and allow the business to sharpen its strategic focus as it continues to expand within Vietnam and potentially across Southeast Asia.
Vietnam’s capital markets have been gaining momentum in recent years, driven by strong retail investor participation and improving market accessibility.
The country aims to increase the number of retail investor accounts to about nine million by 2025 and further to 11 million by 2030, highlighting the rapid development of its equity market and the growing opportunities for consumer-focused companies seeking capital.
For Jollibee, the potential listing presents an opportunity to unlock additional shareholder value while allowing Highlands Coffee to pursue expansion with greater financial flexibility in a rapidly evolving coffee market.
The company said Highlands Coffee has already engaged international and local advisors to help assess the structure and timing of the possible IPO. Preparatory work is underway as the company studies various options for the transaction.
If conditions remain favorable, the IPO could be completed by the first quarter of 2027. However, the process will depend on market conditions, regulatory approvals, internal restructuring, and the completion of due diligence.
Jollibee noted that the evaluation remains preliminary and that there is no certainty the IPO will proceed as planned. The announcement is also not intended as an offer to sell securities, with further disclosures to be made in line with regulatory requirements as developments unfold.