Jollibee Foods Corp., one of the largest fast food chain in Southeast Asia, is exploring a public listing for its fast-growing Vietnamese coffee arm, Highlands Coffee, in a move that could unlock fresh capital and sharpen the group’s regional expansion.
Jollibee said the board of Highlands Coffee is evaluating a standalone initial public offering and listing in Vietnam, potentially positioning the brand as an independently traded company in one of the region’s most active equity markets.
Target completion is eyed by the first quarter of 2027, subject to market conditions, regulatory approvals and internal restructuring.
The contemplated IPO would give Highlands direct access to Vietnam’s capital markets as it enters its next growth phase.
Since Jollibee acquired the chain in 2012, Highlands has expanded from 56 stores to nearly 1,000 outlets, cementing its status as Vietnam’s largest coffee chain.
The listing would also spotlight one of Jollibee’s most successful overseas bets. Highlands has combined steady organic expansion with disciplined brand building, riding Vietnam’s robust consumer spending and deep coffee culture.
Vietnam’s stock market has seen rapid growth in retail investor participation and liquidity in recent years. Authorities are targeting roughly 9 million retail investor accounts by 2025 and 11 million by 2030, creating a deeper pool of capital for consumer-focused companies.
Highlands has tapped international and local advisors to map out the structure, process and timing of the potential IPO. Jollibee stressed that the plan remains preliminary and may change, with no assurance on final terms or completion.
If it pushes through, the offering would mark a rare overseas listing for a Jollibee subsidiary and could crystallize value from a brand that has grown from a regional chain into a national coffee powerhouse.
