Carl’s Jr. owner CKE estimates IPO at $14 to $16 a share
CKE Inc., the owner of the Carl’s Jr. and Hardee’s fast food chains, expects its initial public offering of 13.3 million shares will price between $14 and $16 a share.
The Carpinteria company will offer half of the shares; its sole stockholder, Apollo CKE Holdings, will offer the rest. CKE will receive proceeds only from its own shares.
Part of the takings will go toward CKE’s $82.1 million in bond debt, which is due in 2018. The rest will be used for general corporate purposes, according to CKE.
The company will list on the New York Stock Exchange under the symbol CK. By the end of its first quarter on Jan. 31, the fast food chains had 3,263 franchised or company-owned restaurants in 42 states and 25 foreign countries.
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In its last fiscal year, the business suffered a $19.3-million net loss while revenue slipped 3.9% to $1.3 billion.
CKE was taken private in 2010 when Apollo bought it for nearly $700 million. The company was founded in the 1940s by entrepreneur Carl Karcher.
Last month, competitor Burger King debuted publicly on the NYSE – less than two years after being taken private.
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