According to media reports citing informed sources, Thailand's major restaurant group Minor International Pcl is considering spinning off its food service operations and conducting an initial public offering (IPO) in Hong Kong. Sources indicate that Minor Food, the parent company of Burger King and Dairy Queen, is exploring an IPO in Hong Kong as early as this year, aiming to raise more than $400 million. Discussions regarding the offering, including its scale and timeline, remain ongoing. A representative for Minor International declined to comment. The company's website shows that Minor Food operates 2,699 outlets and manages 80 brands across 24 countries. Local media reported last year that the company had previously considered listing in Thailand. Relevant data indicates that the Bangkok stock market has underperformed in recent years, falling 10% in 2025 after declines in both 2023 and 2024. Thailand's IPO fundraising in 2025 amounted to approximately $359 million, the lowest since 2010.