The Filipino food firm is allegedly considering selling up to a 15% interest in the Vietnamese coffee brand, setting the door for an IPO in the coming years.

Jollibee Food Corporation, a Filipino food giant, is apparently looking to sell a minority investment in Vietnamese coffee brand Highlands Coffee.

According to Reuters, Jollibee is thinking about selling a 10-15% interest in the firm. Highlands Coffee’s possible sale price might be about $800 million.

According to sources close to the subject, the transaction might pave the way for the coffee company to go public, something Jollibee has been pursuing for several years.

Highlands Coffee established 37 locations in the three months ending September 30, 2022, bringing its total number of outlets in Vietnam to 562. Jollibee’s worldwide sales increased by 47% as a result of the brand.

Jollibee also owns the coffee chain The Coffee Bean & Tea Leaf, which has 1,053 locations, and the Taiwanese bubble tea café brand Milksha, which has 278 locations.

According to World Coffee Portal, the branded coffee shop market in Vietnam would approach 5,100 locations by 2025.

Trung Nguyen, a domestic coffee chain and roaster, is expanding its 77-strong café chain, Trung Nguyen Legend, by launching its first foreign shop in China in September 2022.

Meanwhile, in August 2022, Masan Group expanded its controlling interest in Phuc Long Coffee & Tea to 84%. In its new WINLife store rollout, the Vietnamese retail group is embracing the coffee chain’s kiosk model.

Masan Group said in November 2022 that Phuc Long Coffee & Tea kiosks inside the first wave of WIN shops amounted to a 116% increase in daily income compared to kiosks in its standalone WinMart+ stores.

In the same month, domestic retail firm Seedcom reported a 53% increase in sales year on year to VND 564 billion ($22.7 million). The Coffee House currently accounts for 37% of Seedcom’s overall sales.