This article first appeared in The Edge Malaysia Weekly on March 30, 2026 - April 5, 2026
The operator of Zus Coffee, a home-grown coffee chain with a rapidly expanding regional footprint, is said to be planning a Main Market listing on Bursa Malaysia to raise funds for expansion.
Zuspresso (M) Sdn Bhd is understood to have selected several banks, including Maybank Investment Bank, CIMB Investment Bank and RHB Investment Bank, to handle the exercise. Maybank IB and CIMB IB are its main advisers, according to a source.
Sources say Zuspresso, in which Retirement Fund Inc (KWAP) has a minority stake, had initially targeted a fourth-quarter listing this year, but that timeline now appears increasingly improbable.
“It’s unlikely they’ll be able to squeeze in a 4Q2026 listing using this year’s financial results [ended June 30], so it will likely slip into next year,” says one of the sources, adding that a market capitalisation of up to RM6 billion is being eyed for Zuspresso upon listing.
The source notes, however, that projections on timing and numbers could change amid heightened uncertainties following the US-Israel strikes on Iran that began on Feb 28 and which have since escalated into a broader regional conflict with no clear end in sight.
Officials from Zuspresso and the investment banks could not immediately be reached for comment.
Zuspresso has seen a solid increase in profit after tax over the years, from just RM443,094 in the financial year ended June 30, 2021 (FY2021) to RM37.03 million in FY2024.
Net profit stood at RM36.62 million in FY2024, more than tripling from RM10.15 million in FY2023, its audited financial statements obtained from the Companies Commission of Malaysia show. The strong earnings growth was on the back of revenue that more than doubled to RM468.2 million, from RM204.12 million in FY2023.
In September 2024, a consortium led by Singapore-based private equity firm KV Asia Capital Pte Ltd, along with KWAP and Kapal Api Group — one of Indonesia’s leading food and beverage (F&B) companies — invested RM250 million in Zuspresso to fund its expansion plans.
CTOS data shows that Zuspresso’s largest shareholders are The Concierge Sdn Bhd (28.44%), Kopi Krafter Pte Ltd (25.87%), founder and CEO Ian Chua Seng Yee (17%) as well as directors Chua Soon Seng (8.43%) and Tan Swee Yeong (7.29%). The other shareholders are individuals who hold small stakes.
The Concierge is a company controlled by Janica Lao, daughter of Filipino billionaire Frank Lao. Janica is a restaurant heiress overseeing the rapid expansion of her father’s empire, which includes the Choi Garden dining establishments. Interestingly, one of the companies founded by her father owns the Zus Coffee Thunderbellies, a professional women’s volleyball team in the Philippines.
Kopi Krafter is believed to be the vehicle of the consortium comprising KV Asia, KWAP and Kapal Api. A listing of Zuspresso would enable KWAP to wholly exit or reduce its holding in the coffee chain operator.
Zuspresso has ambitious expansion plans for its coffee chain across Southeast Asia, banking on its app-first, data-driven retail model, even as competition from both local and international brands intensifies. Founded in 2019, just four months before the first Covid-19 lockdown, it launched its first outlet at Binjai 8 Premium SoHo in Kuala Lumpur.
Zus Coffee has since expanded to more than 1,000 outlets across the region, the majority of which are in Malaysia. The operation is supported by an employee base of about 8,000.
On Jan 30, Zus Coffee made its official debut in Thailand, where it plans to open 50 outlets across the country this year. The Thai venture builds on its growing presence across Malaysia, Singapore, the Philippines and Brunei. Indonesia is next on its radar, it then said. Its bestselling beverage, the Spanish latte, has sold over 30 million cups.
Some industry observers question if Zuspresso will be able to stick to its aggressive expansion targets, given the growing challenges brought about by the conflict in the Middle East. High fuel prices and supply chain disruption may be dampeners, they point out, but this remains to be seen.
Its potential listing comes amid rising investor interest and deal activity in the local F&B sector. Part of the interest stems from a marked shift in consumer tastes towards domestic brands, following the boycott of some Western ones after the Israel-Palestine conflict erupted in October 2023.
The most successful F&B listing in recent times is that of Oriental Kopi Holdings Bhd (KL:KOPI) on the ACE Market on Jan 23 last year. Its initial public offering (IPO) price, at 44 sen a share, valued the company at 20 times its FY2024 earnings and gave it a market value of RM880 million upon listing. Its market value has since almost tripled to RM2.12 billion, based on its closing price of RM1.06 last Friday (March 27).
Last week, Empire Premium Food Bhd — the operator of the Empire Sushi chain — launched its Main Market public share sale, which will raise some RM254 million. The company will have a market value of RM770 million upon listing based on the indicative IPO price of 70 sen apiece, valuing it at 20 times earnings for the financial year ended March 31, 2025. The listing is scheduled for April 17.
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