Why Jollibee is turning to a U.S. IPO to fuel global growth
Good morning. Chickenjoy—its crispy, juicy fried chicken—and Jolly Spaghetti are signature menu items at Jollibee, a Filipino fast-food chain that is building a growing fan base in the U.S. Now, the company is setting its sights on Wall Street.
The Philippines-based Jollibee Foods Corporation (JFC), the restaurant’s parent company, disclosed earlier this month that it plans to spin off its international operations and pursue a U.S. initial public offering for that business. The contemplated spin-off and listing are targeted for late 2027, leaving “quite a bit of time ahead of us for the work to be done,” its global chief financial officer, Richard Shin, said during a Jan. 14 media roundtable.
JFC, which includes restaurant brands such as Smashburger and The Coffee Bean & Tea Leaf, is currently traded as a single group on the Philippine Stock Exchange and operates in 33 countries. Over the past 15 quarters, JFC’s international network has posted a 26.7% compound annual growth rate, outpacing the group’s overall 15.1% rate of expansion. The separation reflects increasingly distinct strategic profiles for the domestic and international businesses, Shin said.
In March 2025, Jollibee launched its first U.S. franchising program. After opening its first North American location in 1998 in Daly City, California, the brand has since expanded to more than 100 locations across the U.S. and Canada as of early 2026.
Why go the route of a U.S. IPO? “I think there’s a fact that we can all agree on: the U.S. capital markets have deep investor-based experience in valuing global consumer and restaurant growth companies,” Shin said on the call.
Many such companies are still growing into their potential yet are often rewarded with higher multiples and valuations, he said. While that outcome is not guaranteed for JFC, a U.S. listing offers greater capital depth, liquidity, and broader analyst coverage, with any final decision subject to valuation and required approvals, he added.
The IPO market in the U.S. is heating up again, Fortune’s Jeff John Roberts writes in a new feature article. “While 2026 will almost certainly not match the banner year of 1999, which saw 476 companies go public, investors should have far more choices than they did four years ago, when just 38 firms held an IPO,” he writes.
Shin also framed the separation of JFC in terms of simplifying how investors assess the corporation, noting the group includes businesses at different stages of their life cycles, with varying returns and opportunities. Distinct domestic and international entities, he suggested, could offer investors clearer, more targeted investment options as the strategic profiles of the two segments continue to diverge.
Reasons for pursuing the separation include improved transparency, discipline in capital allocation, execution against the growth strategy, and the ability to attract an investor base aligned with the risk–return profile of each business rather than being judged solely on short-term financial metrics, he said.
“The transaction is aligned with the Jollibee Group’s long-term value creation strategy,” Shin said.
With its eyes on Wall Street, Jollibee is betting that global taste and investor appetite will be on its side.
Sheryl Estrada
sheryl.estrada@fortune.com
This story was originally featured on Fortune.com