Thai-based Minor International Pcl is exploring a Singapore IPO for its restaurant business rather than Hong Kong, drawn by stronger investor appetite in the Southeast Asian financial hub. The hospitality group operates well-known brands including Burger King, Dairy Queen and The Pizza Company across its food division.

Financial advisers are working on plans for Minor Food Group Pcl, which could raise over $400 million if it proceeds with the listing. While Hong Kong has dominated IPO activity this year with more than $22 billion raised, Singapore has only seen $912 million in proceeds. However, Singapore's stock market has outperformed Hong Kong's benchmark index this year.

Singapore's Straits Times Index has climbed 7% year-to-date, while Hong Kong's Hang Seng Index has slipped roughly 5%. This divergence may be influencing Minor International's strategic thinking as it evaluates listing venues for its food business spinoff.

Minor Food operates approximately 2,700 outlets across 24 countries, representing the bulk of Minor International's restaurant footprint. The company has not responded to requests for comment, and deliberations remain ongoing with no timeline for a final decision on the potential listing.