Jollibee’s Highlands Coffee is said to consider US$400 million IPO in Vietnam
The Philippine fast-food operator plans to list its international business in the US
Published Fri, Jan 23, 2026 · 01:27 PM
[HONG KONG] Highlands Coffee is exploring an initial public offering (IPO) in Vietnam to raise US$300 million to US$400 million, according to sources with knowledge of the matter.
The company is working with a financial adviser and may add more banks, the sources said, asking not to be identified because the information is private.
Deliberations are ongoing and details such as the IPO size might change, the sources said.
Philippine fast-food operator Jollibee Foods, which plans to list its international business in the US, has a 60 per cent stake in Highlands Coffee owner SuperFoods Group, having first invested in 2012. Highlands Coffee was founded in 1999 by Vietnamese-American businessman David Thai.
Representatives for Highlands Coffee and Jollibee declined to comment. BLOOMBERG
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