Jollibee has confirmed that its Vietnam-based venture Highlands Coffee is evaluating a standalone IPO and local listing, while Vingroup has consolidated its mobility businesses ahead of a planned IPO for ride-hailing platform GSM.
Jollibee says Highlands Coffee revives IPO plan
Jollibee Foods Corp said its Vietnam coffee unit, Highlands Coffee, is reviving plans for an initial public offering (IPO) in Vietnam, as the Philippine restaurant group looks to unlock value and fund the chain’s next stage of expansion.
In a disclosure dated March 4, Jollibee said the Highlands Coffee board is evaluating a standalone IPO and local listing that would make the business a publicly traded company in Vietnam.
The company did not disclose the size of a potential offering, valuation targets, or how much of Highlands it might sell. Jollibee acquired a 50% stake in the company in 2012.
Jollibee has pitched Highlands as a scaled consumer brand in a market where café culture has shifted from big-city habit to mainstream spending. It said the chain has expanded from 56 stores when Jollibee invested in 2012 to nearly 1,000 stores today.
In 2016, Jollibee and its partner firm Viet Thai International Joint Stock Company announced plans to list Highlands Coffee on the Vietnam stock exchange by July 2019. The size of the IPO was not disclosed. However, the plan was disrupted by the COVID-19 pandemic, which shifted global capital focus and altered market dynamics.
Vingroup merges EV rental unit Green Future to ride-hailing Green SM
Vingroup has merged two of its EV businesses, ride-hailing company GSM and car rental provider Green Future, according to a statement.
This transaction follows an earlier consolidation of bus operating unit VinBus and driver training business VinDT into GSM to make it a multi-service mobility company.
Following the Green Future addition, GSM has increased its charter capital to 43.3 trillion dong ($1.6 billion), owned by Vingroup, its billionaire founder Pham Nhat Vuong and his affiliates.
Last December, Vingroup said it was planning an international listing for GSM, with advisors suggesting a valuation of around $20 billion.
Hong Kong could be the IPO destination, with a timeline of 2027, Reuters reported. Vingroup’s EV maker VinFast earlier had its debut on Nasdaq in 2023.
GSM has expanded into Laos, Indonesia, and the Philippines, and is set to launch in India in the coming months.
