FRANKFURT, June 14 (Reuters) - German-owned restaurant chain Vapiano has set a price range of between 21 and 27 euros per share for its Frankfurt listing, expecting to raise around 85 million euros ($95.34 million) in the sale of new shares.
The price range implies a market value of between 512 million euros and 634 million euros, the company said in a statement.
Free float of Vapiano shares after the listing will be more than 30 percent of the company’s outstanding shares.
First day of trading is expected to be on June 27.
Vapiano plans to use the proceeds for expansion.
The chain has 185 restaurants in more than 30 countries and plans to increase this to 330 by the end of 2020. It also wants to develop its take-away food and home delivery businesses. ($1 = 0.8916 euros) (Reporting by Harro ten Wolde; Editing by Tom Sims)