Jollibee confirms Highlands Coffee assessing potential Vietnam stock market listing

Southeast Asia – Jollibee Foods Corporation has confirmed that its subsidiary, Highlands Coffee, is evaluating a potential initial public offering (IPO) in Vietnam, following earlier reports that the coffee chain was exploring a listing valued at between US$300m and US$400m.

In a disclosure, Jollibee said the board of directors of Highlands Coffee is currently assessing a planned IPO that would involve a standalone listing of the Vietnamese coffee chain in its home market. If pursued, the move would position Highlands Coffee as a publicly traded company in Vietnam.

The company said the potential listing is being explored as part of the brand’s next phase of growth and expansion, as Highlands Coffee serves as Jollibee’s coffee platform in Vietnam. 

“Highlands Coffee stands out 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, achieving clear market leadership as the undisputed #1 coffee chain in Vietnam,” the company said.

Jollibee also noted that the brand has expanded significantly since its 2012 investment, growing from 56 stores at the time of acquisition to nearly 1,000 stores today.

According to the company, the proposed IPO is intended to support further growth and provide the business with access to capital markets while strengthening its corporate profile.

“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.”

Highlands Coffee has engaged both international and local advisers and has begun work on determining the structure, process, and timing of the potential IPO. The transaction is currently targeting completion by the first quarter of 2027.

Jollibee said the proposed listing remains subject to market conditions, completion of due diligence and internal restructuring, as well as regulatory and legal approvals across relevant jurisdictions.

Moreover, the company added that the information related to the potential IPO remains preliminary and may change. It also emphasised that there is no assurance regarding the final terms, timing, or completion of the transaction, and that the announcement does not constitute an offer of securities.