Jollibee brews IPO for Highlands amid Vietnam coffee surge

Homegrown food giant Jollibee Foods Corp. (JFC) is looking to unlock fresh value from Vietnam’s booming coffee market as it pursues an initial public offering (IPO) of its subsidiary Highlands Coffee.

JFC confirmed on Wednesday that the Board of Directors of Highlands Coffee is evaluating the planned standalone IPO​ in Vietnam. The transaction targeted for completion by the first quarter of 2027, subject to market conditions and regulatory approvals.

The proposed IPO, according to JFC, is intended to support Highlands Coffee’s next phase of growth by providing it a direct access to capital markets to help elevate its corporate profile and enable better operational focus.

“The proposed IPO creates a platform for exponential shareholders' value creation in a very dynamic capital market,” the company said, adding that Highlands Coffee has already engaged international and local advisors.

JFC said Vietnam’s equity market liquidity has been among the fastest-growing in the region, driven by accelerating retail investor participation.

The country is targeting approximately 9 million retail investor accounts by 2025 and 11 million by 2030, underscoring the market’s expanding depth and relevance for consumer-focused growth companies.

Since JFC’s investment in 2012, Highlands Coffee has expanded from 56 stores at the time of acquisition to nearly 1,000 stores today.