Minor Food, one of the Asia-Pacific region’s largest quick-service and casual dining restaurant operators and the master franchisee of Burger King in Thailand, is preparing to list its restaurant business on the Singapore Exchange in a move that could become one of the city-state’s biggest food-and-beverage initial public offerings (IPOs) in nearly two decades.
According to multiple reports, the company is targeting a listing in December 2026 and aims to raise up to S$400 million (approximately US$310 million), although the transaction remains subject to market conditions and regulatory approvals.
The planned IPO marks another strategic milestone for Bangkok-based hospitality and leisure group Minor International Plc (MINT), the parent company of Minor Food, as it seeks to unlock value from its restaurant business while supporting future expansion across Asia-Pacific and other international markets. The additional capital is expected to support new restaurant openings, digital transformation, technology investments and franchise growth. Minor International has not officially announced the proposed listing.
Minor Food has evolved into one of the world’s largest restaurant companies, operating 2,699 restaurants across 24 countries through a portfolio of more than 80 brands. Its business combines company-owned restaurants, franchise operations and joint ventures, giving the group one of the most diversified foodservice networks in the Asia-Pacific region.
The company manages a mix of globally recognised franchise brands and proprietary concepts. Its international franchise portfolio includes Burger King, Dairy Queen, Sizzler, Swensen’s and Benihana, while its home-grown brands include The Pizza Company, The Coffee Club, Bonchon Thailand, Riverside Grilled Fish, Basil, GAGA and Poulet, several of which have expanded internationally through franchising.
Burger King remains an important part of Minor Food’s franchise portfolio. The company operates around 130 Burger King restaurants across Thailand, the Maldives and the Seychelles, making it one of the brand’s largest franchise partners in Southeast Asia and the Indian Ocean region.
Founded in 1980 by entrepreneur William E. Heinecke, Minor Food has played a significant role in shaping Thailand’s organised restaurant industry. Over the past four decades, the company has introduced several international restaurant brands to the country while simultaneously building home-grown concepts that have expanded into overseas markets through franchising. Today, brands such as The Pizza Company and The Coffee Club have established a presence across multiple countries in Asia, the Middle East and beyond.
Franchising continues to be central to the company’s long-term growth strategy. In addition to operating master franchise rights for international brands, Minor Food has successfully exported its own restaurant concepts through franchise partnerships, enabling it to scale rapidly while adapting menus and formats to local consumer preferences.
According to the company’s latest corporate information, Minor Food’s global restaurant network includes 597 The Pizza Company restaurants, 540 Dairy Queen outlets, 378 The Coffee Club locations, 377 Swensen’s restaurants, 130 Burger King outlets, 122 Bonchon restaurants, 75 Sizzler restaurants and 21 Benihana restaurants, highlighting the scale and diversity of its operations.
The proposed Singapore listing comes as regional equity markets witness renewed activity following an improving IPO environment. If completed, the transaction would be among Singapore’s most significant consumer-sector listings in recent years and could provide Minor Food with fresh capital to accelerate restaurant openings, strengthen its digital capabilities, enhance customer experience and expand its franchise footprint across high-growth markets.
Minor Food forms one of the three core businesses of Minor International Plc, alongside its hotel and lifestyle divisions. The parent company also operates more than 560 hotels under brands including Anantara, Avani, NH Hotels, NH Collection, nhow and Tivoli, creating a diversified hospitality and consumer business spanning restaurants, hotels and lifestyle brands.
Although Minor International has yet to formally announce the offering or publish an IPO prospectus, the reported plans underline continued investor confidence in scalable franchise-led restaurant businesses as consumer spending across several Asian markets continues to recover.
However, there is currently no official press release from Minor International or Minor Food confirming the IPO plans. The reports are based on people familiar with the matter, and the company has declined to comment publicly.
