Philippine Tycoon Tony Tan Caktiong’s Jollibee-Backed Highlands Coffee Mulls Vietnam IPO

Forbes Business

by Ian Sayson, Forbes Staff

March 4, 2026

AI-Generated Deep Dive Summary

Philippine tycoon Tony Tan Caktiong’s Highlands Coffee, backed by Jollibee Foods, is exploring a potential IPO in Vietnam. This move comes as Jollibee Foods aims to separately list its international businesses on the U.S. stock market by next year. The proposed listing of Highlands Coffee reflects the company's strategic push to expand its presence in Southeast Asia, particularly in Vietnam, where the coffee market is growing rapidly. Jollibee’s interest in Highlands Coffee dates back to 2019 when it acquired a majority stake in the Vietnamese coffee chain. Since then, Jollibee has been instrumental in driving the brand's growth, both domestically and internationally. The potential IPO for Highlands Coffee would allow the company to raise capital for further expansion, while also aligning with Jollibee’s broader goal of diversifying its portfolio beyond its core fast-food business. Vietnam is an attractive market for coffee chains like Highlands Coffee due to its increasing demand for specialty beverages and rising middle class. The country’s growing urbanization and changing consumer preferences have created opportunities for brands that can offer high-quality, localized products. Highlands Coffee has already established a strong foothold in Vietnam, with over 200 stores across the country. For Jollibee, this move underscores its ambition to become a global consumer goods company. By separating its international operations and potentially listing them on the U.S. stock market, Jollibee aims to tap into new investment opportunities and drive growth in key markets outside the Philippines. Meanwhile, Highlands Coffee’s IPO would not only provide financial benefits but also enhance its brand visibility and credibility as a regional player. This development is significant for business readers interested in Southeast

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Originally published on Forbes Business on 3/4/2026