Vietnam – Vietnamese coffee chain Highlands Coffee is reportedly considering an initial public offering (IPO) in Vietnam, aiming to raise between $300 million and $400 million, according to anonymous sources cited by Bloomberg.
The company is said to be working with a financial adviser and may bring in additional banks. Sources noted that discussions are ongoing and the final IPO size could change. Representatives for Highlands Coffee and parent company Jollibee Foods Corp. did not respond to requests for comment.
Jollibee acquired a 60% stake in SuperFoods Group, Highlands Coffee’s parent company, in 2012. Highlands Coffee, founded in 1999 by Vietnamese-American entrepreneur David Thai, has since expanded its presence in Vietnam, now operating close to 1,000 stores nationwide.
The IPO talks come amid Jollibee’s broader expansion plans for its coffee, tea, and Chinese cuisine segments. Highlands Coffee reportedly serves over 100 million customers annually and employs more than 10,000 people, with the brand doubling its store network in the past three years while maintaining double-digit same-store sales growth.
Earlier this month, Jollibee also announced plans to create a standalone international business, with the aim of listing it on a U.S. securities exchange.
