Jollibee’s Highlands Coffee eyes Vietnam IPO by 2027, unlocking value from 1,000-store success

VIETNAM – Jollibee Foods Corporation has announced its subsidiary Highlands Coffee is weighing a standalone IPO in Vietnam, targeting completion by early 2027 to fuel the chain’s next growth chapter and tap into the country’s surging capital markets.

The proposed listing would transform Vietnam’s undisputed coffee champion into a publicly traded firm, unlocking value from a brand that has mushroomed from 56 outlets to nearly 1,000 stores since Jollibee invested in 2012.

From Humble Roots to Coffee Kingdom

Highlands Coffee stands as one of Jollibee’s most dazzling success stories.

The brand now serves more than 100 million customers annually through nearly 1,000 locations across Vietnam, employing over 10,000 people and claiming the crown as the country’s number one coffee chain by market share.

Jollibee holds a 60% controlling stake through SuperFoods Group, with Viet Thai International retaining the remaining 40%.

Why Vietnam’s Market Is Calling

Vietnam’s equity market liquidity is among Southeast Asia’s fastest-growing, with the country targeting roughly 9 million retail investor accounts by 2025 and 11 million by 2030.

Jollibee described the proposed IPO as creating “a platform for exponential shareholders’ value creation in a very dynamic capital market.”

Highlands Coffee has already engaged international and local advisors, with work underway on structure, timing, and process.

Advisors Engaged, Details Take Shape

The company has commenced work with financial advisors to define the proposed structure, timeline, and process.

The plan remains subject to market conditions, due diligence, internal restructuring, and regulatory approvals. Jollibee emphasized that details remain preliminary and subject to change, with no guarantee the IPO will proceed.

Strategic Context: Jollibee’s Global Restructuring

The Highlands Coffee IPO exploration coincides with Jollibee’s broader global ambitions.

The group plans to create a standalone international business targeting a U.S. exchange listing by 2027.

The Vietnam listing would complement this by establishing a strong, publicly traded presence for Highlands Coffee in its home market.

Analyst Excitement Builds

AP Securities analyst Shawn Ray R. Atienza noted the move “enhances valuation clarity for JFC, potentially supporting a share price re-rating and unlocking additional value.”

Unicapital Securities analyst Jeri R. Alfonso added that Jollibee “wants to get into the deeper capital pools and investor appetite that other exchanges can offer.“

What’s Next for Vietnam’s Coffee Champion

With nearly 1,000 stores, double-digit same-store sales growth, and a vertically integrated model spanning sourcing to retail, Highlands Coffee has built a formidable platform.

A successful IPO would not only fund its next chapter but also demonstrate how strategic M&A can create extraordinary value. For Vietnam’s coffee-loving consumers, that’s a story worth raising a cup to.

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