Colombia's Juan Valdez coffee shops to go public

BOGOTA, Colombia (Reuters) — The Colombian Coffee Growers' Federation plans to offer $23.5 million in stock in its Juan Valdez coffee shop chain on the Colombian Stock Exchange, taking the company public, the head of the country's Coffee Federation told Reuters Wednesday.

The share sale, which is subject to regulatory approval, is a step in the company's ambitious long-term plan to compete globally with giant Seattle coffee shop chain Starbucks (SBUX).

The group is tiny compared with Starbucks, which has more than 6,000 outlets.

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