The Thai stock market has been in a downtrend for several years. Many companies that conducted initial public offerings (IPO) recently have seen heavy losses from day one. Furthermore, the process of becoming a listed company is more complex and cumbersome compared to other countries. Recently, foreign news agencies reported that Thai companies are turning to IPOs abroad! Among these is the name of Minor International Public Company Limited (MINT) which is involved as well.
, recently, Dilip Rathagarhia, Group CEO of MINT, commented on this, saying the company currently plans to take subsidiaries public overseas. Some are under study, and the company intends to proceed within 2026. The plan is divided into two parts:
1. Establishing a REIT to be listed on the Singapore Exchange.
Since before COVID-19, we have continuously explored asset recycling. We spent over nine months studying what would deliver the highest efficiency and found that a Real Estate Investment Trust (REIT) is the best option, both in terms of value and internal rate of return (IRR), which will benefit investors.
Therefore, by 2026, the company expects to include 14 hotels—12 in Europe and 2 in Thailand—into the REIT portfolio and sell shares to investors. The funds raised will be used to reduce debt, improving earnings per share (EPS). The REIT is expected to be valued at about 1 billion USD (with approximately 500-600 million USD flowing to the parent company). MINT will hold a significant stake, and the structure is currently being finalized.
"The REIT market in Thailand is still not easy for global investors, but Singapore is a simpler option. Moreover, in the future, the REIT size can be increased without adding more debt," Dilip said.
2. Studying the IPO of Minor Food in Hong Kong.
Minor Food, which currently operates more than 80 restaurant brands such as Sizzler, Pizza Company, Bonchon, Burger King, Dairy Queen, and others, is examining the possibility of listing on the Hong Kong Stock Exchange.
The main reason is that Hong Kong’s market is larger compared to Thailand, and Minor Food has clear growth and plans believed to attract investors well. The company is currently planning valuation, structure, and other details, with clarity expected by late 2026.
Minor Food’s 2026 plan focuses on three main pillars:
1) Innovation, including new locations, store formats, cuisine types, menus, etc.
2) Accelerated expansion to enhance efficiency and profitability. Previously, brands have expanded into several countries, such as dim sum brands in Singapore and Indonesia under the GAGA brand, Dairy Queen entering these markets, and further expansion into India, which has high growth potential.
3) Digital transformation to improve customer care and service efficiency.
Regarding MINT’s overall business outlook, major challenges remain the strong baht exchange rate, ongoing economic and tourism conditions requiring close monitoring, intense competition in the Thai market, rising costs, and geopolitical risks. However, the company believes it can manage these effectively.
For 2026, MINT targets an average net profit growth of 15-20% annually, following a 16% growth in 2025. The company will continue expanding both hotel and food businesses, with a capital expenditure budget of 15 billion baht this year, approximately 65% of which will be allocated to hotel management and development in Bangkok and other provinces.
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