Jollibee Foods Corp. (JBFCY) is splitting itself in two, and the international half is heading to Wall Street.

The Philippine fast-food giant announced Tuesday that it plans to separate its overseas operations into a new entity called Jollibee Foods Corporation International (JFCI) and list it in the United States by late 2027. Meanwhile, the domestic Philippine business will continue trading on the Philippine Stock Exchange as a separate company.

A Strategic Split

The logic here is pretty straightforward: give each business the focus it deserves. International expansion requires different strategies, capital allocation, and investor appetites than managing a mature domestic market. By splitting the two, Jollibee hopes each entity can pursue its own growth trajectory without compromise.

Shareholders will receive JFCI shares proportional to their current holdings, giving them the flexibility to hold onto both, or pick their preferred bet between domestic stability and international growth.

This isn't a small operation looking to go big. Jollibee competes directly with heavyweights like McDonald's (MCD) and Wendy's (WEN), operating 19 brands spanning more than 10,000 restaurants and cafés across 33 countries. The company has a market cap exceeding $3.6 billion and reported $3.79 billion in revenue for the first nine months of 2025, up 14% year-over-year.

Timing the IPO Wave

The decision to list in the U.S. comes as IPO markets are experiencing a notable recovery. Companies are rushing to access American capital markets, and Jollibee wants in on the action.

Much of the recent excitement centers around SpaceX's anticipated 2026 IPO. Futurum CEO Daniel Newman expects it to be the year's largest offering, potentially outpacing even OpenAI, with both companies valued at more than $1 trillion. The IPO pipeline also includes major names like Anthropic, Canva, and Databricks, setting the stage for what could be a banner period for public offerings.

Newman also predicts that investor attention will gravitate toward the renewed rivalry between Elon Musk and Sam Altman, adding another layer of intrigue to an already bustling market environment.

For Jollibee, the timing looks opportune. Riding the wave of renewed investor appetite and positioning itself alongside some of the most anticipated listings could help the company secure premium valuations and access to deeper capital pools than would be available in its home market alone.