The company, which opened its first restaurant in Malaysia in 2006, is targeting to achieve a valuation of at least S$200 million ($140 million) in the share sale. It aims to conduct the offering as soon as this year, one of the people said.

Any deal would add to a rebound in the Singapore IPO market last year, when fundraising surged more than fourfold to $1.7 billion, data compiled by Bloomberg show. PappaRich would follow other Southeast Asia-based restaurant chains including ABR Holdings Ltd., which operates Swensen’s ice cream parlors, and Oldtown Bhd. in gaining a listing to fund expansion.

A representative for PappaRich, which is based near Kuala Lumpur, said a listing has always been a consideration as the company considers fundraising options to support its expansion plans. PappaRich “would certainly” expect to have a valuation in excess of S$200 million upon listing, based on comparable businesses, he said.

Old town, which makes instant coffee and runs cafes, has risen 18%  in Kuala Lumpur trading over the past 12 months. Shares of Thai dessert chain After You Pcl, which raised US$21 million in a Bangkok IPO last month, have surged 167%  from their offer price.

More than 1 million customers dine at the PappaRich outlets monthly, according to its website. The company has about 100 outlets globally including locations in Malaysia, Singapore, China, Australia, New Zealand and the US, the website shows.