Highlands Coffee—which counts Philippine tycoon Tony Tan Caktiong’s Jollibee Foods as its biggest shareholder—is mulling an IPO in Vietnam to bankroll the company’s expansion plans.

The board of the Ho Chi Minh-based coffee chain is evaluating the possible maiden share sale with the goal of listing the company by the first quarter of 2027, Jollibee said in a statement to the Philippine Stock Exchange. It didn’t disclose the size of the proposed IPO but Bloomberg previously reported Highlands Coffee is targeting to raise as much as $400 million.

“Highlands Coffee stands out as one of the most attractive growth and value creation stories within the company’s portfolio,........

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