CKE Gives Expected Price for IPOOriginally published July 30, 2012 at 2:58 p.m., updated July 31, 2012 at 3:19 p.m.
CKE Inc. on Monday said that it expects that its initial public offering of 13.3 million shares will price at between $14 and $16 a share. That would raise about $200 million at the mid-point range.
The Carpinteria operator of the owner of the Carl’s Jr and Hardees fast food chains said it was offering about 6.6 million of the shares, with the remainder being sold by its sole shareholder, CH Restaurant Holdings LLC. The company’s gross share of proceeds would be about $100 million.
CKE, through its subsidiaries, has 3,243 franchised or company-operated restaurants in 42 states and 25 foreign countries. The company, which was taken private by Apollo Management nearly two years ago, filed for the IPO in May. It plans to pay off about $82.1 million in bond debt with part of its share of the proceeds.
The company plans to trade its stock on the New York Stock Exchange under the symbol “CK.”