Jollibee Foods Corporation, the Filipino fast-food powerhouse behind the iconic “ChickenJoy” fried chicken, announced plans to spin off and list its international business on a U.S. stock exchange by 2027. This strategic move marks a significant milestone in the company’s global expansion ambitions and could reshape its competitive position against Western quick-service restaurant giants.
The Manila-based restaurant operator revealed the plans during an investor presentation on Monday, outlining a comprehensive roadmap that would separate its domestic Philippine operations from its growing international portfolio. According to company executives, the international business currently represents approximately 41% of Jollibee’s system-wide sales but is targeted to grow substantially in the coming years.
“This potential listing will help accelerate our vision of becoming one of the top five restaurant companies in the world,” said Ernesto Tanmantiong, Jollibee’s Chief Executive Officer, during the presentation. The company aims to boost its international business to account for 80% of total system-wide sales before pursuing the U.S. listing.
Behind this ambitious plan lies a remarkable growth story that few Western investors fully appreciate. Founded in 1978 as an ice cream parlor in Quezon City, Jollibee has evolved into a global enterprise operating more than 6,800 stores across 34 countries. Its international expansion has accelerated dramatically in recent years through both organic growth and strategic acquisitions.
The company has assembled an impressive portfolio of brands beyond its flagship Jollibee restaurants. Its acquisition strategy has brought Coffee Bean & Tea Leaf, Smashburger, and Tim Ho Wan under its corporate umbrella. In the Philippines, the conglomerate maintains near-legendary status, consistently outperforming McDonald’s and other Western competitors in its home market.
Financial analysts view the spinoff strategy as a clever way to unlock shareholder value. “The international business likely deserves a higher valuation multiple than what it receives when bundled with the mature Philippine operations,” explained Michael Chen, restaurant analyst at Morgan Stanley. “A U.S. listing could significantly enhance visibility among global investors and potentially fuel further expansion.”
Market data supports this assessment. According to research from J.P. Morgan, quick-service restaurant chains with substantial international exposure typically trade at price-to-earnings multiples 20-30% higher than those heavily concentrated in a single mature market. The planned separation could help Jollibee capture this valuation premium.
The timing of this announcement coincides with broader economic trends affecting the restaurant industry. Rising labor and food costs have pushed many chains to seek economies of scale through expansion. Federal Reserve data indicates restaurant input costs have risen approximately 15% since 2021, putting pressure on operators to find new efficiencies.
For American consumers and investors, Jollibee remains something of an enigma. Despite operating over 85 locations across the U.S., the brand hasn’t achieved the mainstream recognition of other international chains. However, its restaurants often generate extraordinary customer loyalty, particularly among Filipino-American communities.
“There’s nothing quite like Jollibee in the American fast-food landscape,” notes food industry consultant Rebecca Williams. “Their signature items like peach-mango pie and sweet spaghetti with hot dogs create a distinctive offering that stands apart from typical burger-focused chains.”
The company faces significant challenges in executing its ambitious plan. U.S. public markets have become increasingly selective about new listings, with IPO volume down nearly 40% from peak levels in 2021, according to data from Renaissance Capital. Restaurant IPOs in particular face intense scrutiny regarding growth prospects and profit margins.
Competitive pressures also loom large. Jollibee’s international expansion brings it into direct competition with deeply entrenched global players like McDonald’s, Yum Brands, and Restaurant Brands International. These companies possess substantial advantages in supply chain infrastructure and marketing scale that will test Jollibee’s operational capabilities.
Despite these headwinds, Jollibee maintains several compelling advantages. The company’s experience navigating diverse Asian markets gives it unique insights into flavor profiles and consumer preferences that Western chains often struggle to address. Its multi-brand approach also provides built-in diversification against changing consumer tastes.
The planned U.S. listing represents more than just a financial transaction—it symbolizes the growing economic influence of Asian consumer brands on the global stage. Jollibee joins companies like Singapore’s Grab Holdings and Indonesia’s GoTo in seeking Western capital market validation while maintaining their distinctive regional identities.
For investors, Jollibee’s upcoming spinoff offers an intriguing opportunity to participate in the internationalization of Asian consumer brands. While the 2027 timeline leaves ample room for strategic adjustments, the company’s track record of execution and brand building suggests this ambitious vision deserves serious consideration.
The ChickenJoy may soon be spread far beyond its Filipino origins—all the way to Wall Street.
