A dramatic shift is brewing within Jollibee Foods Corp., as its Vietnamese coffee powerhouse, Highlands Coffee, prepares for a potential standalone public offering. The ambitious target? To be listed on the Vietnamese stock exchange by the first quarter of 2027, unlocking a new chapter of growth and visibility.
This isn’t simply about raising capital; it’s about solidifying Highlands Coffee’s position as the undisputed leader in Vietnam’s booming coffee market. The company believes access to public markets will sharpen its strategic focus and fuel further expansion, capitalizing on a rapidly evolving consumer landscape.
The transformation of Highlands Coffee since 2012 has been remarkable. From a modest chain of 56 stores, it has blossomed into a network of nearly 1,000, a testament to strategic investment and organic growth. This expansion mirrors the increasing sophistication of the Vietnamese economy.
Vietnam’s equity market is experiencing a surge in liquidity, driven by a wave of new retail investors. Projections estimate a staggering 9 million retail investor accounts by 2025, escalating to 11 million by 2030 – a clear indication of growing market engagement and opportunity.
Experts believe the IPO could significantly enhance Jollibee’s overall valuation. By unlocking value within Highlands Coffee, the parent company anticipates a potential re-rating of its own shares, benefiting investors across the board. It’s a strategic move designed to tap into deeper capital pools.
The process is already underway, with Highlands Coffee engaging both international and local advisors to meticulously define the IPO structure, timeline, and execution. However, success hinges on favorable market conditions, thorough due diligence, and securing all necessary regulatory approvals.
This isn’t Jollibee’s first foray into a potential Vietnamese listing. A previous attempt to list SuperFoods in 2019 was sidelined following the acquisition of The Coffee Bean & Tea Leaf. This time, however, the focus is squarely on Highlands Coffee’s independent potential.
While the possibility of a separate listing has been discussed for years, including statements from Jollibee’s CFO and CEO Richard Shin, the emphasis remains on achieving an optimal valuation and timing that maximizes shareholder benefits. Patience and strategic alignment are key.
Despite the positive outlook, Jollibee shares experienced a slight dip on the day the news broke, closing at P195.60 apiece. However, analysts remain optimistic, viewing the Highlands Coffee IPO as a long-term value creator for the entire Jollibee Group.
