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On March 4, Jollibee Foods Corporation (JFC) announced that the board of Highlands Coffee is evaluating an initial public offering (IPO) of the business. The contemplated transaction would involve a standalone IPO and listing of Highlands Coffee in Vietnam, positioning the Vietnamese coffee platform as a publicly traded company.
Highlands Coffee represents a significant growth asset within JFC's portfolio, demonstrating both strategic acquisition success and post-acquisition organic expansion. The brand has achieved market leadership as Vietnam's largest coffee chain by store count. Since JFC's investment in 2012, Highlands Coffee has expanded from 56 stores to nearly 1,000 locations today.
The proposed IPO is intended 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 as the top Vietnamese coffee brand in Vietnam and across Southeast Asia.
Vietnam’s equity market liquidity has been among the fastest‑growing in the region, supported by accelerating retail investor participation. This growth has been driven by increased market access and engagement, with Vietnam targeting approximately 9 million retail investor accounts by 2025 and 11 million by 2030. This underscores the market’s expanding depth and relevance for consumer‑focused growth companies.
An entry into the stock market could create a platform for exponential shareholders' value creation in a very dynamic capital market.
Highlands Coffee has engaged international and local advisors and has commenced work on defining the structure, process, and timing for the potential IPO. The transaction, with target completion by the first quarter of 2027, will be subject to prevailing market conditions, completion of appropriate steps including diligence and internal restructuring, and securing all required regulatory and legal approvals across relevant jurisdictions.
