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FRANKFURT (Reuters) - German-owned Vapiano SE is planning an initial public offering this year to raise 85 million euros ($95 million) to help fund the expansion of its Italian-themed restaurants.
Vapiano 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.
"Italian is the only global cuisine," CEO Jochen Halfmann told Reuters in a recent interview.
Vapiano positions itself in the expanding "fast-casual" dining segment, between fast food chains such as McDonald's and Burger King and more formal, full-service restaurants. The sector has grown most prominently in the United States through the likes of Panera Bread PNRA.O.
Vapiano had sales of 460.4 million euros in 2016 and generated EBITDA of 28.6 million euros.
The offering values the company at about 600 million euros, people close to the matter said.
Vapiano opened its first restaurant in Hamburg in 2002.
It counts some of Germany's richest people among its major shareholders. They include Guenter Herz, the former owner of retail chain Tchibo, and Hans-Joachim Sander, a former owner of shampoo group Wella.
Existing investors would also sell some shares when the lisiting goes ahead.
CEO Halfmann took charge of Vapiano, which is based in Bonn, in 2015. He began his career in retail at companies including German perfume chain Douglas GmbH.
The market for new IPOs in Germany has been stagnant, despite a resurgence in new listings globally.
German engineering group Aumann, which makes parts for electric car and bicycle engines, reaped 63 million euros in proceeds from the sale of new shares, which it wants to spend on additional production capacity.
People close to the matter said last week that online food takeaway firm Delivery Hero is set to float before the summer break in a deal valuing one of Europe's biggest start-ups at up to 4 billion euros ($4.5 billion).
Barclays, Berenberg and Jefferies are acting as joint global coordinators for the Vapiano IPO, together with Unicredit as joint bookrunners. Lazard & Co. GmbH is Vapiano's financial adviser.
($1 = 0.8939 euros)
Reporting by Tom Sims and Arno Schuetze; Editing by Keith Weir