Good morning. Chickenjoy-its crispy, juicy fried chicken-and Jolly Spaghetti are signature menu items at Jollibee, a Filipino fast-food chain that is building a growing fan base in the U.S.Now,the company is setting its sights on Wall Street.
The Philippines-based Jollibee Foods Corporation (JFC), the restaurant’s parent company, disclosed earlier this month that it plans to spin off its international operations and pursue a U.S. initial public offering for that business. The contemplated spin-off and listing are targeted for late 2027, leaving “quite a bit of time ahead of us for the work to be done,” Jollibee Global CFO richard Shin said during a Jan. 14 media roundtable.
JFC,which includes restaurant brands such as Smashburger and the Coffee Bean & Tea Leaf,is currently traded as a single group on the Philippine Stock Exchange and operates in 33 countries. Over the past 15 quarters, JFC’s international network has posted a 26.7% compound annual growth rate, outpacing the group’s overall 15.1% rate of expansion. The separation reflects increasingly distinct strategic profiles for the domestic and international businesses, Shin said.
In March 2025, Jollibee launched its first U.S. franchising program. After opening its first North American location in 1998 in Daly City, California, the brand has since expanded to more than 100 locations across the U.S.and Canada as of early 2026.
Why go the route of a U.S. IPO? “I think there’s a fact that we can all agree on: the U.S. capital markets have deep investor-based experience in valuing global consumer and restaurant growth companies,” Shin said on the call.
Many such companies are still growing into their potential yet are often rewarded with higher multiples and valuations, he said.While that outcome is not guaranteed for JFC, a U.S. listing offers greater capital depth, liquidity, and broader analyst coverage, with any final decision subject to valuation and required approvals, he added.
The IPO market in the U.S.is heating up again, Fortune‘s Jeff John Roberts writes in a new feature article. “While 2026 will almost certainly not match the banner year of 1999, which saw 476 companies go public, investors shoudl have far more choices than they did four years ago, when just 38 firms held an IPO,” he writes.
Shin also framed the separation of JFC in terms of simplifying how investors assess the corporation, noting the group includes businesses at different stages of their life cycles, with varying returns and opportunities. Distinct domestic and international entities, he suggested, could offer investors clearer, more targeted investment options as the strategic profiles of the two segments continue to diverge.
Reasons for pursuing the separation include improved clarity, discipline in capital allocation, execution against the growth strategy, and the ability to attract an investor base aligned with the risk-return profile of each business.
Kim Posnett, a prominent figure at Goldman Sachs, ranked on Fortune’s 2025 most Powerful Women list, holds key leadership positions within the firm and is recognized as a leading dealmaker. This report verifies details about her role and responsibilities as of January 20, 2026.
Goldman Sachs and Kim Posnett’s Role
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Kim Posnett is a partner at Goldman Sachs, actively involved in the firm’s investment banking division. She is one of the bank’s top dealmakers and also serves in notable leadership capacities.
As of November 2023, Posnett was named to the 2023 Forbes‘ 50 Most Powerful Women in Business list, ranking at #34. Forbes reported she advised on deals totaling over $100 billion in 2023.
Firmwide Client Franchise Committee
Kim Posnett serves as vice chair of the Firmwide Client Franchise Committee at Goldman Sachs. This committee is responsible for overseeing and enhancing client relationships across the entire firm.
The Firmwide Client Franchise Committee focuses on ensuring a consistent and high-quality client experience,coordinating efforts across different divisions to deliver integrated solutions. Details about the committee’s specific functions are available in Goldman Sachs’ governance documentation.
Management Committee Membership
Kim Posnett is a member of the Goldman Sachs Management Committee. This committee is the primary executive decision-making body within the firm.
The Management Committee is responsible for setting the firm’s strategic direction, overseeing risk management, and allocating capital. membership on this committee signifies a high level of trust and influence within the organization. goldman Sachs’ leadership page lists the current members of the Management Committee.
Fortune’s Most Powerful Women List
Kim Posnett was included in Fortune’s 2025 ranking of the Most Powerful Women. This annual list recognizes women who have achieved significant influence in business and leadership.
The Fortune list considers factors such as corporate position, financial resources, and impact on society. Inclusion on this list highlights Posnett’s accomplishments and her position as a leader in the financial industry.The Fortune profile details her contributions to Goldman Sachs and her broader influence.
