Philippines’ Jollibee-backed Highlands Coffee chain weighs IPO in Vietnam
Highlands Coffee, the Vietnamese-style coffee chain backed by Philippine fast-food giant Jollibee Foods Corporation (JFC), is considering an initial public offering (IPO) in Vietnam as part of plans to finance its next phase of expansion.
According to a filing by Jollibee to the Philippine Stock Exchange, the Highlands Coffee board is evaluating a potential IPO with a target listing timeline by the first quarter of 2027. The company did not disclose the expected size of the offering.
“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,” Jollibee said in the statement. “The proposed IPO is intended to support Highlands Coffee’s next phase of growth.”
“The proposed IPO creates a platform for exponential shareholders’ value creation in a very dynamic capital market,” the company said.
A Highlands Coffee store in Vietnam. Photo courtesy of the chain.
Listing the company would allow Highlands Coffee to tap into Vietnam’s rapidly expanding equity market, which has seen one of the fastest increases in retail investor participation in Southeast Asia. Jollibee estimates the number of retail brokerage accounts in Vietnam could reach 11 million by 2030, up from about nine million last year.
Founded in 1999 in Hanoi as a packaged coffee brand, Highlands entered the coffee business in 2002 with its first shop in Ho Chi Minh City and has since expanded aggressively. JFC acquired the chain in 2012 with a controlling 60% stake.
Despite the Philippine group’s ownership, founder and CEO David Thai said in an April interview that Highlands continues to function as a Vietnamese company, with JFC serving primarily as investor and strategic advisor. Daily operations and staffing remain under his direct oversight.
JFC earned an EBITDA (earnings before interest, taxes, depreciation, and amortization) of nearly PHP3.47 billion ($58.32 million) from its fried chicken chain Jollibee and Highlands Coffee chains in Vietnam in the first nine months of this year.
The figure included nearly PHP1.91 billion ($32.09 million) in earnings from Highlands Coffee, up 9.5%. As of end-September last year, Highlands Coffee had 928 outlets in Vietnam, including co-owned stores and franchised outlets.
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