Jollibee's strategic reboot: US listing plan signals new chapter for global ambitions

Jollibee, the Philippines’ largest fast-food group, outlined a carefully calibrated strategy to spin off its international division and pursue a separate US securities exchange listing by late 2027 - a move that marks the most significant shift in its corporate structure in years.

At a press meeting, global chief financial officer and chief risk officer Richard Shin framed the proposal as a response to the increasingly distinct growth profiles of the group’s domestic and international businesses. “When you look at different corporations or businesses, we go through different life cycles… and now the strategic profiles of the two businesses, domestic and international, [are] starting to look very different,” Shin said, underscoring the rationale behind the spin-off.

Jollibee’s share price has been sensitive to strategic developments. After the spin-off announcement in early January, shares surged around 14.5% - the biggest jump in over half a decade - signalling strong investor appetite for the re-rating potential of a clearer corporate structure.

Don't miss: Jollibee charts dual-market future with planned US listing for international arm

However, broader market movements earlier - including periods of share softness linked to the drag from higher-risk international operations - likely informed the timing of the spin-off proposal. Analysts have flagged that separating these segments could allow the market to value the stable, cash-generative Philippine business independently from the higher-growth but more volatile global arm, which could benefit from a listing where growth narratives tend to command premium valuations.  

Tackling divergent growth tracks

Jollibee’s international arm has been a major engine of growth, accounting for roughly 6,800 of the group’s 10,300 stores by end-September 2025, with a CAGR of 26.7% over 15 quarters - materially higher than the group’s consolidated 15.1% rate.

Shin emphasised that differences go beyond sheer scale: “Some could be a bit more invest upfront, returns come later; some could be generate cash and actively use that cash,” reflecting varied capital intensity and risk-return profiles across geographies and brands.

This complexity, the company argues, can weigh on investor understanding: a combined entity often blends the narrative of a mature, cash-generative domestic business with a capital-hungry global portfolio that includes brands such as Smashburger, Tim Ho Wan and others. A separated structure, the company hopes, will deliver clearer financial disclosure and sharper equity stories for each.  

The plan would see Jollibee Foods Corporation (JFC) retain its Philippine operations and PSE listing, while spinning off its international portfolio into a separate vehicle, Jollibee Foods Corporation International (JFCI).

Why Wall Street?

A key part of the announcement was JFC’s preference for a US listing - not merely a theoretical option but a strategic pursuit. Shin pointed to the depth of capital and liquidity in US markets, and their strong valuation benchmarks for consumer and restaurant growth stories, as reasons for the choice. “US capital markets have a deep investor base experienced in valuing global consumer and restaurant growth companies… US listing aligns JFC with the largest capital market liquidity access and supports valuation discovery,” he said.

This aligns with broader trends: Asian conglomerates increasingly seek American listings to tap deeper pools of capital and generally achieve higher multiples for businesses with global growth potential.

A central message at the press briefing was reassurance that existing shareholders would not be disadvantaged - a concern given the mechanics of dual listings across jurisdictions. Shin said the transaction is designed “to preserve shareholder value and ownership while ensuring full regulatory compliance, robust governance oversight and protection of shareholder rights.”

Under the contemplated structure, current JFC shareholders are expected to receive shares in both entities, holding two independently tradable securities representing their stakes in the Philippine and international operations - subject, of course, to tax, legal and regulatory requirements.

Both businesses are also slated to operate with full operational independence post-spin-off, each with its own board, management team and tailored capital allocation frameworks - a design meant to avoid corporate duplication while supporting agility and focus.

A long road to 2027

Despite the fanfare, JFC emphasised the complexity of execution. Shin repeatedly noted that moving toward a late-2027 timeframe for the US listing reflects the scale of preparation and regulatory scrutiny required across jurisdictions. “We want to do this properly, but at pace… there’s an element of risk management,” he said.

Factors such as regulatory approval processes, audit readiness, financing allocation and broader market conditions could accelerate or delay the timeline - underscoring that there is no guarantee of a transaction, only intent and preparatory action.

Jollibee’s strategic pivot offers a candid illustration of the challenges and opportunities facing Asian consumer champions seeking global scale: balancing the entrenched strength of a robust domestic base with the need for funding and valuation frameworks that match ambitious international aspirations.

If successful, the dual-listing strategy could unlock greater investor engagement and a more nuanced valuation of Jollibee’s disparate growth engines - potentially narrowing the discount that conglomerate structures often face in capital markets. But the journey to Wall Street will be long, with shareholders and analysts alike watching closely as this defining corporate project unfolds.

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