2 Min Read
(Reuters) - Private equity-backed restaurant operator CKE Inc, which had filed for an initial public offering of up to $100 million in May, said it now expects to raise as much as $230 million in its IPO.
Morgan Stanley, Citigroup and Goldman Sachs are lead underwriters of the offering.
CKE, which operates the Carl's Jr and Hardees fast food chains, was taken private by Apollo Management in a nearly $700 million deal in 2010. <link.reuters.com/qyk38s >
Several restaurant offerings are being prepped for the IPO market on bets that investors will welcome the entry of specialty regional chains.
Bloomin' Brands -- the parent company of Outback Steakhouse -- filed for a $345 million IPO in April.
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.
Del Frisco's and Chuy's Holdings are expected to price their offerings this week.
CKE intends to use part of the IPO proceeds to repay debt.
The filing did not reveal the number of shares to be sold or their expected price.
Reporting by Sharanya Hrishikesh in Bangalore; Editing by Viraj Nair