Burger King Corp. (search) has not set the timing for an initial public offering, though one is likely in the next few years, Chairman and Chief Executive Greg Brenneman (search) said Tuesday.

"We really haven't set up a time-frame to do it," Brenneman said at the Reuters Consumer and Retail Summit, held at Reuters U.S. headquarters in New York. "To be honest, the board hasn't sat down and said here's what we're going to do."

The chain is owned by private equity investors Texas Pacific Group (search), Goldman Sachs Capital Partners and Bain Capital, which bought it for about $1.5 billion from British drinks giant Diageo Plc in 2002.

The owners took out a large chunk of cash during a refinancing in July, Brenneman said.

"They're playing with house money now," he said.

An IPO could happen as early as late in fiscal 2006, which ends next June, or could be a few years out, he said.

Brenneman said the planned sale of Dunkin Donuts by French spirits company Pernod Ricard (search) could help set a strong market for a Burger King IPO.

"I think Dunkin' Donuts is going to go at over 10 times EBITDA (earnings before interest, taxes, depreciation and amortization) before it is done," Brenneman said.