Highlands Coffee, one of Vietnam’s largest coffee chains, is considering an initial public offering (IPO) in the domestic market, with a fundraising target of approximately USD 300–400 million, according to sources familiar with the matter cited by Bloomberg.
Sources indicate that Highlands Coffee has begun working with a financial advisor and may invite additional investment banks to participate in preparations for the potential IPO. The plan remains at an early stage and has not been officially announced.
People familiar with the discussions, who requested anonymity, noted that key details — including the deal size and timing — remain subject to change, depending on market conditions and the company’s strategic priorities.
The controlling shareholder of Highlands Coffee is Jollibee Foods Corporation, the Philippines’ largest fast-food group. Jollibee currently owns 60% of SuperFoods Group, the parent company of Highlands Coffee.
Jollibee first invested in SuperFoods in 2012 and is also preparing plans to list its international business operations in the United States, underscoring the group’s broader global expansion and capital market strategy.
Founded in 1999 by Vietnamese-American entrepreneur David Thai, Highlands Coffee has grown into one of Vietnam’s most prominent and extensive coffee chains, with a nationwide footprint spanning major cities and provinces.
More recently, the company inaugurated its Cái Mép Coffee Roasting Facility, signaling continued long-term investment in domestic production capacity, supply chain integration, and product quality.
According to Bloomberg, representatives of both Highlands Coffee and Jollibee Foods declined to comment on the potential IPO plans, suggesting the transaction remains under internal review.
If executed, the IPO could become one of the most notable listings in Vietnam’s consumer and F&B sector, reflecting growing investor interest in established domestic brands with scalable business models and strong market presence.
Source: thesaigontimes
