KUALA LUMPUR: ZUS Coffee is considering an initial public offering of its Malaysia business to raise at least RM1 billion, according to people with knowledge of the matter.
Owner Zuspresso Sdn. is working with financial advisers on the potential IPO that could value the business at about RM4 billion, the people said, asking not to be identified because the information is private. An offering might take place on Bursa Malaysia as soon as mid-2027, they said.
Discussions are ongoing and details such as timing and size of the IPO may change, the people said.
Zuspresso didn’t respond to requests for comment.
ZUS opened its first outlet in 2019 and overtook Starbucks Corp. as Malaysia’s biggest coffee chain in 2024. It has continued to expand, reaching 1,000 outlets in October, including some overseas in places such as Thailand, the Philippines and Singapore.
A ZUS listing would help sustain the IPO momentum in Malaysia, where US$1.5 billion has already been raised in first-time shares this year, up from US$978 million in the same period of 2025, data compiled by Bloomberg show.
Other Malaysia-listed coffee chains include Oriental Kopi Holdings Bhd. and Empire Premium Food Bhd., which have market values of RM2.1 billion and RM1.1 billion, respectively. Empire Premium only made its trading debut in April and has risen 43% since. Oriental Kopi has more than doubled from its IPO price early last year.
