Thailand’s Minor International Pcl, one of Asia’s largest hospitality groups, is considering a Hong Kong initial public offering for its restaurant business, people familiar with the matter said, at a time when Bangkok’s stock market tries to revive activity at home.

Minor Food, which operates restaurants including Burger King and Dairy Queen, is weighing an IPO that may raise more than $400 million as early as this year, the people said, asking not to be identified because the information is private.

A Thailand IPO had been considered previously, local media reported last year.

Deliberations, including on the size and timing of the deal, are ongoing, the people said.

A representative for Minor International declined to comment.

Minor Food has 2,699 outlets in 24 countries and 80 brands, according to its website.

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Bangkok’s stock market underperformed in recent years, falling 10 percent in 2025 and also dipping in 2023 and 2024. Hong Kong’s Hang Seng Index rose 28 percent last year and 18 percent in 2024, and the city just had its biggest January ever for share sales.

Thai regulators and the bourse have rolled out incentives such as relaxed listing rules to keep high-growth firms at home, but companies are departing to seek deeper capital pools and higher valuations abroad.

Meanwhile, the Hong Kong stock exchange has been trying to court more listing candidates from countries apart from the Chinese mainland.

Thai IPOs raised the equivalent of $359 million last year, the lowest since 2010, according to data compiled by Bloomberg.

Cryptocurrency exchange operator Bitkub and technology startup Line Man Wongnai are also considering offerings in Hong Kong, Bloomberg News has reported. Coconut-water maker IFBH Ltd. made its Hong Kong debut in June. Its shares have dropped 47 percent since then.