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Restaurant operator Bloomin' Brands sees IPO priced at $13-$15/share
July 25, 2012 / 4:54 PM / 5 years ago

Restaurant operator Bloomin' Brands sees IPO priced at $13-$15/share

* To offer 21.4 mln shares

* Co to sell 10.7 million shares, selling stockholders to offer rest

July 25 (Reuters) - Outback Steakhouse operator Bloomin’ Brands said it expects its initial public offering of 21.4 million shares to be priced between $13 and $15 each.

At the midpoint of the expected price range, the offering will raise about $300 million.

Bloomin’ Brands, which also operates Carrabba’s Italian Grill, Bonefish Grill, and Fleming’s Prime Steakhouse and Wine Bar, had filed for an IPO of up to $300 million in April.

The company will sell half the shares in the offering, while selling stockholders will offer the rest.

Bloomin’ Brands is backed by private equity firm Bain Capital, which will hold about 52 percent stake in it after the IPO.

The Tampa, Florida-based casual dining chain earned $50 million on revenue of $1.1 billion for the quarter ended March 31.

Several restaurant offerings are being prepped for the IPO market on bets that investors will welcome the entry of specialty regional chains.

CKE Inc, which operates the Carl’s Jr and Hardees fast food chains, increased its IPO size to $230 million on Monday.

Other restaurant chain IPOs in the pipeline include Tex-Mex chain Chuy’s Holdings Inc, steakhouse operator Del Frisco’s Restaurant Group Inc, and Cheddar’s Casual Cafe, which in May used a provision under the JOBS Act to file confidentially for its IPO.

BofA Merrill Lynch, Morgan Stanley and J.P. Morgan are among the underwriters to Bloomin’ Brands’ offering. (Reporting by Sharanya Hrishikesh in Bangalore; Editing by Supriya Kurane)

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