Malaysian fast-food group QSR Brands is mulling an IPO to raise around MR2 billion (US$509.6 million).

QSR Brands operates the KFC and Pizza Hut restaurant franchises in Malaysia and is part owned by private equity firm CVC Capital Partners, which is looking to exit the business.

Shareholder Johor Corp president/CEO Kamaruzzaman Abu Kassim says it would like to see this happen no later than November, reports Deal Street Asia. Johor Corp is the investment arm of Malaysia’s Johor state.

The listing would be the largest IPO in Malaysia since integrated petrochemical producer Lotte Chemical Titan Holding raised $878 million last July. The move has been planned since 2016, reports Reuters, with the company hiring Citigroup, Credit Suisse and another bank to lead the exercise.

The estimated market capitalisation of QSR would be about MR6 billion after listing, Kamaruzzaman says. “Further details will have to be worked out with various parties.”

The  QSR Brands IPO was part of an “exit plan” for CVC and fellow investor the Employees Provident Fund when QSR was privatised in 2013.