The halls of Wall Street may soon welcome an unfamiliar name with a familiar business model. Jollibee Foods Corp., the Philippines’ answer to McDonald’s, has announced plans to list its international business on a U.S. stock exchange by 2027, marking a significant milestone in the company’s global expansion strategy.
The Manila-based fast-food giant revealed its intention to separate its Philippine operations from its international business, following a path similar to other global restaurant chains seeking to maximize shareholder value through corporate restructuring. According to company executives, this strategic move aims to unlock the value of Jollibee’s growing international portfolio while providing a platform for accelerated global growth.
“The U.S. listing will enable us to raise capital more efficiently and provide appropriate valuation for our international business,” said Ernesto Tanmantiong, Jollibee’s CEO, during an investor presentation. The company expects the international business to contribute approximately 40% of system-wide sales this year, a figure that has steadily increased from just 20% a decade ago.
This planned IPO represents more than just another listing; it signals the culmination of a carefully orchestrated global expansion strategy. Since acquiring the Coffee Bean & Tea Leaf brand in 2019 for $350 million and increasing its stake in U.S.-based Smashburger, Jollibee has been methodically building its international presence, particularly in North America.
Financial analysts from Maybank estimate the potential valuation of Jollibee’s international business could reach $3.5-4.2 billion, based on comparable restaurant group valuations and growth projections. This would place it among the significant mid-cap restaurant listings of the past decade.
The timing appears strategic. With the U.S. IPO market showing signs of recovery after a challenging period, and investor appetite for consumer brands with global growth potential returning, Jollibee’s 2027 timeline allows for market conditions to potentially improve further.
“This move follows a tested playbook,” notes Maria Santos, restaurant industry analyst at Morgan Stanley. “We’ve seen similar strategies from Yum Brands with its China business and Restaurant Brands International’s structure. The model works when there’s a clear growth differential between domestic and international operations.”
Jollibee’s international expansion hasn’t been without challenges. The company’s aggressive acquisition strategy has occasionally stretched resources thin, and cultural adaptation of its distinctly Filipino menu items—like the sweet-style spaghetti and peach-mango pie—has required market-by-market refinement.
The company currently operates over 6,500 stores across 34 countries, with brands including its flagship Jollibee restaurants, Smashburger, Coffee Bean & Tea Leaf, Tim Ho Wan, and Yoshinoya. Its international footprint has grown at an impressive 15% annual rate over the past five years, outpacing its domestic growth.
For American investors unfamiliar with the brand, Jollibee represents the rare example of a developing market restaurant concept successfully expanding into developed markets—the reverse of the typical pattern seen with American fast-food chains expanding globally.
“The story here isn’t just about a foreign brand listing in the U.S.,” explains Robert Chen, managing director at Credit Suisse’s consumer retail division. “It’s about a proven business model that has demonstrated resilience in multiple markets and economic conditions. Their success in adapting to local tastes while maintaining core brand identity is particularly impressive.”
The company’s financial performance supports this assessment. According to their most recent quarterly results, Jollibee’s international business delivered 27% year-over-year revenue growth, compared to 9% for its Philippine operations. Operating margins have also shown improvement as economies of scale begin to materialize in key markets.
Behind this expansion lies a distinctly Filipino approach to fast food—one that emphasizes family dining, larger portion sizes, and a unique flavor profile that blends American, Spanish, and native Filipino culinary influences. The company’s signature Chickenjoy fried chicken and Jolly Spaghetti have developed cult followings in several international markets, particularly among Filipino diaspora communities.
The path to a successful U.S. listing isn’t guaranteed. Jollibee will face scrutiny from American investors who may be unfamiliar with the brand’s value proposition. Regulatory requirements, corporate governance expectations, and market volatility all pose potential hurdles.
Additionally, the competitive landscape in the U.S. fast-food sector remains challenging, with established players continually innovating and newer concepts capturing consumer attention. Jollibee’s ability to differentiate itself while delivering consistent financial results will be crucial for post-IPO performance.
Nevertheless, the company appears committed to this strategic direction. Jollibee has reportedly engaged investment banks including Goldman Sachs and JP Morgan to advise on the planned separation and listing, though the company has not officially confirmed these appointments.
For investors, the planned IPO represents an opportunity to gain exposure to an emerging global restaurant player with proven success across diverse markets. The company’s growth trajectory, particularly in the U.S. market where it plans to have 500 stores by 2028, suggests significant untapped potential.
As 2027 approaches, market observers will closely watch Jollibee’s performance metrics, particularly same-store sales growth and unit economics in its international operations. These indicators will likely determine both the timing and valuation of the eventual listing.
What’s clear is that Jollibee’s journey from a Manila ice cream parlor founded in 1978 to a potential Wall Street listing represents a compelling business evolution—one that challenges conventional wisdom about the direction of global brand expansion in the restaurant industry.
