ZUS Coffee said to be exploring IPO to raise at least RM1 billion

Malaysia-based coffee chain ZUS Coffee is reportedly contemplating an initial public offering (IPO) of its domestic business to raise a minimum of RM1 billion, according to sources familiar with the matter. The company, owned by Zuspresso Sdn., is collaborating with financial advisers to potentially value the business at around RM4 billion, the sources disclosed, requesting anonymity due to the sensitive nature of the information.

The potential IPO could be listed on Bursa Malaysia as early as mid-2027, though details regarding the exact timing and size of the offering may fluctuate, the sources added.

ZUS Coffee, which launched its first outlet in 2019, surpassed Starbucks Corp. to become Malaysia's largest coffee chain in 2024. The brand has continued its rapid expansion, currently operating 1,000 locations across the country, including several international markets such as Thailand, the Philippines, and Singapore. This growth trajectory has contributed to a surge in IPO capital raised in Malaysia, with RM1.5 billion already secured in share offerings this year, a notable increase from RM978 million in the corresponding period of 2025, according to Bloomberg data.

Other notable Malaysia-listed coffee chains include Oriental Kopi Holdings Bhd. and Empire Premium Food Bhd., with market valuations of RM2.1 billion and RM1.1 billion, respectively. Empire Premium, which went public in April, has already witnessed a 43% increase in value since its IPO. Oriental Kopi, on the other hand, has more than doubled in value since its IPO price was set earlier last year, reflecting the strong and competitive landscape of the Malaysian coffee sector.