Thai hospitality group Minor International said to mull Singapore IPO instead of Hong Kong

THAILAND’S Minor International is considering listing its restaurant business in Singapore instead of Hong Kong as it sees greater interest from potential investors in the city-state, according to people with knowledge of the matter.

Financial advisers are helping with a plan for Minor Food Group, which operates brands including Burger King, Dairy Queen and The Pizza Company, the people said, asking not to be identified because the deliberations are private. 

Hong Kong had been considered as a venue, people familiar with the information said earlier this year, adding that an IPO could raise more than US$400 million.

The city has built on a buoyant 2025 for listings, with an even stronger year on the cards now — more than US$22 billion has been raised in Hong Kong IPOs in 2026, data compiled by Bloomberg show. Singapore’s total is only US$912 million. 

Still, Singapore’s Straits Times Index is up 7 per cent this year, outperforming Hong Kong’s Hang Seng Index, which has retreated about 5 per cent. 

Deliberations are ongoing and no final decision has been made on Minor Food’s potential listing, the people said. 

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Minor International didn’t respond to a request for comment. 

Founded in 1980, Minor Food says it has about 2,700 outlets in 24 countries. BLOOMBERG