Jollibee Foods Plans to Spin Off International Arm for Stock Market Debut

Tony Tan Caktiong, who built Jollibee Foods from a single ice-cream shop in 1975 into a network of over 10,400 restaurants, is planning to carve out its international segment for a separate public listing by the close of 2027. While the company originally eyed a U.S. IPO, recent media suggest Hong Kong could become the listing venue. The decision follows a challenging quarter in which net profit fell 39% to 1.5 billion pesos, even as revenue climbed 9% to 77 billion pesos, driven by the opening of 181 new outlets, the majority overseas.

Aggressive expansion has dampened investor confidence, causing the share price to tumble nearly 40% from a year ago and reducing Tan's family wealth to roughly $2 billion. Jollibee now operates two-thirds of its restaurants outside the Philippines and holds a portfolio that includes home-grown brands like Mang Inasal and international names such as The Coffee Bean & Tea Leaf and Tim Ho Wan.