Philippine media has recently reported that the Jollibee Foods Corporation (JFC) is expressing optimism about the prospects of an initial public offering (IPO) for Highlands Coffee.
Highlands Coffee is the largest coffee chain in Vietnam and also one of the most profitable brands of the Philippine conglomerate.
In a virtual press conference, Jollibee’s Chief Financial Officer (CFO), Richard Shin, was quoted by Philippine media as saying, “The current numbers show that Highlands Coffee is definitely capable of an IPO. However, we don’t want to do an IPO just for the sake of it.”
While not disclosing details about the future IPO structure, Mr. Shin suggested that listing Highlands Coffee in Vietnam may not be the best option. Mr. Shin emphasized that Highlands Coffee currently operates nearly 900 stores and is a highly profitable business.
Previously, in April 2025, DealStreetAsia reported that Highlands Coffee was restarting its IPO plans amid rising market demand. At that time, CEO David Thai shared that the Vietnamese stock exchange was the top priority when considering the IPO plan.
Mr. Thai affirmed that listing in Vietnam was the top priority to honor the brand’s origins. “Our success came from Vietnamese customers, from Vietnamese employees… Highlands’ story is a Vietnamese story,” he said.
Highlands Coffee Continues to Thrive in Vietnam
Highlands Coffee began operations in 1999 as a packaged coffee brand, offering high-quality roasted and ground coffee sold in supermarkets and retail stores. After receiving a positive response for its roasted coffee products, Highlands Coffee opened its first coffee shop in Ho Chi Minh City in 2002.
Ten years later, in 2012, the Jollibee Foods Corporation acquired Highlands Coffee.
In 2016, Jollibee and its partner, Viet Thai International, announced plans to list Highlands on the Vietnamese stock exchange in July 2019. However, the plan was stalled due to the COVID-19 pandemic, which disrupted capital flows and the global market landscape.
In 2022, Reuters reported that JFC had been in talks to sell a stake in Highlands, valuing the coffee chain at around $800 million, a move that could pave the way for an IPO, which Jollibee had been considering for several years.
According to JFC’s financial report for the first quarter of 2025, as of March 2025, Highlands Coffee was operating 865 stores in Vietnam and the Philippines, including 132 franchised stores and 733 directly managed by Jollibee.
Jollibee’s report showed that the coffee chain recorded an EBITDA (earnings before interest, taxes, depreciation, and amortization) of 635 million pesos (VND 297.3 billion) in the first quarter of this year, a 5.7% increase compared to the same period last year.
Jollibee stated that the average daily sales of a Highlands Coffee store are around VND 16-17 million. This figure is higher than the average of VND 15-16 million for the full year 2024.
In 2024, Highlands Coffee recorded an EBITDA of VND 2.34 billion, equivalent to VND 1,050 billion, a 4.5% increase compared to the previous year.
