Minor International Public Company Limited, one of Asia’s leading hospitality and foodservice groups, is actively exploring an initial public offering (IPO) in Hong Kong for its restaurant division, Minor Food, aiming for a potential listing by the end of 2026.
The announcement came during a recent press briefing where Dilip Rajakarier, Group CEO of Minor International, said the company is evaluating Hong Kong for the proposed IPO due to its broader investor base and generally stronger valuations compared with other markets. A final decision on timing and structure is expected next quarter.
IPO Strategy and Market Context
According to market sources, the float could raise more than USD 400 million as the company seeks to ring‑fence Minor Food, the fast‑growth restaurant arm, from its broader hospitality operations.
Minor Food operates a diversified portfolio of approximately 80 global brands with nearly 2,700 restaurants across more than 20 countries, including major franchise names such as The Coffee Club, Burger King, Dairy Queen, The Pizza Company, Sizzler and others.
The move to Hong Kong aligns with broader capital‑market momentum, as the city recently reclaimed its position as the world’s top IPO hub in 2025, with strong demand for both domestic and international listings.
Franchise Led Growth
Minor Food’s expansion strategy relies heavily on franchise partnerships across Asia, the Middle East and other regions. Franchise agreements allow local operators to grow international brands with support from Minor’s supply and operations systems. Analysts say this approach has supported rapid net‑new store growth, particularly in markets like Southeast Asia and India where consumer dining demand is rising.
In the latest quarter, Minor Food added new outlets mainly through franchises, including Bonchon, GAGA and Dairy Queen in Thailand and Indonesia, and is expanding brands such as Poulet in Indonesia.
Part of a Broader Capital Strategy
The IPO plan complements another major financial initiative by Minor International, the planned launch of a US$1 billion real‑estate investment trust (REIT) on the Singapore Exchange (SGX), expected in the second half of 2026. That REIT will include about 14 hotel properties and is aimed at cutting debt and unlocking asset value.
Together, the Hong Kong IPO and Singapore REIT are central to Minor’s ambition to reduce leverage and accelerate its asset‑light expansion model, targeting approximately 850 hotels and 4,150 restaurants by 2028.
