Thailand-based hospitality group Minor International is exploring a public listing of its restaurant arm, Minor Food Group, in Singapore, The Business Times reported, citing Bloomberg.

The hospitality group has engaged financial advisers to work on an initial public offering (IPO) of Minor Food, which runs brands such as Burger King, Dairy Queen and The Pizza Company.

Minor International shifted its focus away from an earlier plan to float the business in Hong Kong, according to sources familiar with the discussions.

Hong Kong had been a leading candidate for the deal earlier this year, the people said, with the proposed IPO expected to raise more than $400m.

Hong Kong’s equity market has seen a sharp rebound.

Companies have so far raised more than $22bn via IPOs in the region this year, based on Bloomberg data, following a strong year for flotations in 2025.

By contrast, Singapore has recorded IPO proceeds of $912m over the same period.

However, Minor International is exploring a listing in the city-state due to greater interest from potential investors, according to The Business Times report.

The publication added that the choice of listing venue for Minor Food remains undecided, and discussions are continuing.

Founded in 1980, Minor Food reports a network of roughly 2,700 outlets spanning 24 markets.

In April this year, Minor Food unveiled “THE STONE”, a new Japanese dining concept.

The company said that the venue serves udon and other Japanese dishes in hot stone bowls, the use of which enables precise control of soup temperature.