Jollibee’s Highlands Coffee gears up for Vietnam IPO

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March 5, 2026 | 12:00am

MANILA, Philippines —  Asian food conglomerate Jollibee Foods Corp. (JFC) intends to bring its Vietnamese coffee platform public.

Highlands Coffee’s board is evaluating a planned initial public offering (IPO) of Highlands Coffee in Vietnam.

“The contemplated transaction would involve a standalone IPO and listing of Highlands Coffee in Vietnam, positioning the business as a publicly traded company,” the company said in a stock exchange filing.

The proposed IPO aims 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.

It is also expected to create a platform for exponential shareholders’ value creation in a very dynamic capital market, with Vietnam’s equity market liquidity among the fastest?growing in the region.

JFC said Highlands Coffee stands out as one of the most attractive growth and value creation stories within its portfolio as it reflects both strategic mergers and acquisitions success and post-acquisition organic expansion.

The brand has expanded significantly from 56 stores since JFC’s investment in 2012 to nearly 1,000 stores at present.

According to JFC, Highlands Coffee has started work on defining the structure, process and timing for the potential IPO.  It has likewise engaged international and local financial advisors.

With target completion by the first quarter of 2027, the transaction will be subject to prevailing market conditions, completion of appropriate steps including diligence and internal restructuring, as well as securing all required regulatory and legal approvals across relevant jurisdictions.

JFC, a listed company on the Philippine Stock Exchange, is also working on a planned listing of its international business as an independent company on a US securities exchange by late next year.

As one of the world’s fastest-growing restaurant companies, JFC manages and operates a portfolio, which includes 19 brands with over 10,000 stores and cafés across 33 countries.

The group’s portfolio includes nine wholly owned brands, five franchised brands and ownership stakes in other key brands like The Coffee Bean and Tea Leaf, Compose Coffee, SuperFoods Group that operates Highlands Coffee and bubble tea brand Milksha.