Minor Food, one of the largest fast-food and casual dining operators in Asia-Pacific, is preparing to raise up to S$400 million (approximately US$310 million) through an initial public offering in Singapore, according to a report by Wall Street citing individuals with direct knowledge of the matter. Minor Food aims to complete its market debut in December.
If completed, the listing would represent one of the city’s most significant food-and-beverage offerings in nearly 20 years, drawing attention from investors tracking sector growth and regional IPO activity. Minor’s initial target was actually Hong Kong, but rising valuation in Singapore overshadows the Asian financial hub.
The firm manages a vast network of 2,733 restaurants spanning 25 countries, among them 126 Burger King branches across Thailand, the Maldives, and Seychelles. Its portfolio also covers notable brands such as The Pizza Company, Swensen’s, Sizzler, Dairy Queen, Bonchon, among others.
Recent financial results underscore the company’s regional momentum. In the first quarter of 2026, Minor Food posted a 2% year-on-year increase in core restaurant revenue, totaling Baht 8,158 million. Key contributors included Australia and Singapore, the former benefiting from gains in contract roasting and coffee-related businesses, while the latter saw growth driven by expanding locations and brand introductions. Franchise income also rose 12% year-over-year to 409 million baht, supported by strong domestic franchise results and the initial launch of The Steak & More, helping offset difficulties in Cambodia related to the border situation.
The planned IPO comes amid broader activity on Singapore’s stock exchange, which added eight new listings by June 2026, raising over S$1.2 billion. In comparison, Hong Kong’s exchange saw 62 new companies join in the first five months of the year, with forecasts from Goldman Sachs suggesting fundraising there could approach US$60 billion in 2026, nearly double the previous year’s level.
Minor Food operates under Minor International, a conglomerate based in Thailand and listed in Bangkok. Minor International’s portfolio includes over 560 hotels globally, with hospitality brands such as Anantara, Avani, NH Hotels, and Tivoli, alongside the group’s expanding restaurant business.
