Vietnam’s largest coffee chain, Highlands Coffee, is preparing to relaunch its long-delayed IPO, nearly a decade after the plan was first announced.

In an interview with DealStreetAsia, founder and CEO David Thai confirmed that the company is actively in talks with bankers and exploring potential stock exchange listings in Singapore, Hong Kong, the Abu Dhabi Securities Exchange (ADX), and the US stock exchange. 

Despite these international options, Thai also stressed that Vietnam remains the company’s preferred listing destination, reflecting the brand’s Vietnamese identity.

“The story is the Vietnam story,” Thai told DealStreetAsia, citing local roots and customer loyalty.

Founded in 1999, Highlands Coffee has expanded rapidly since Jollibee Foods Corp acquired a controlling stake in 2012 for $25 million. The brand now claims more than 30 per cent of the local coffee chain market.  

Highlands first announced IPO plans in 2016, but the listing was quietly shelved in 2019, as Jollibee redirected focus to its $350 million acquisition of US chain The Coffee Bean & Tea Leaf. In 2022, Jollibee Foods Corp was reportedly in advanced discussions to sell a minority stake in Highlands Coffee.