Thailand’s Minor International Pcl is exploring a public offering of its restaurant arm, Minor Food Group, in Singapore instead of Hong Kong. The company cited greater investor interest in Singapore as a key factor in reconsidering the listing venue, according to multiple sources [1, 2, 3, 4, 5].
Minor Food Group operates around 2,700 outlets across 24 countries, with key brands including Burger King, Dairy Queen, and The Pizza Company [1, 2, 3, 5]. Financial advisers are actively assisting Minor Food Group in planning the initial public offering (IPO) [1, 2, 3, 4, 5].
Earlier this year, Minor International had targeted Hong Kong as the IPO destination. However, recent market trends have shown Singapore’s Straits Times Index climbing about 7% in 2026, outperforming Hong Kong’s Hang Seng Index, which fell approximately 5% this year. Despite Hong Kong’s stronger IPO market, with over US$22 billion raised in 2026 compared to Singapore’s US$912 million, the firm now sees stronger investor appetite in Singapore [2, 3, 4, 5].
The IPO is expected to raise more than US$400 million (around SGD 514 million or RM1.63 billion) [2, 3, 4, 5]. No final decision has been made yet, and discussions on the listing location are still ongoing [1, 2, 3, 4, 5].
Apart from the restaurant business, Minor International also manages over 600 hotels worldwide, including the Anantara Hotels & Resorts brand. The company plans to open a 200-key Avani Singapore hotel in Tanjong Pagar in early 2027 [4].
Minor International additionally aims to list a real estate investment trust (REIT) in Singapore by the end of 2026, targeting a US$1 billion IPO [4].
The company’s next major milestones include deciding on the IPO venue for Minor Food Group and completing the REIT listing planned before year-end. The Avani Singapore hotel launch is scheduled for early 2027.
