burger king makes whopper of a debut
Burger King makes whopper of a debut Shares up 5 percent in the first day of trade for the nation's second largest burger chain. May 18, 2006: 10:12 AM EDT
NEW YORK (Reuters) - Shares of Burger King Holdings Inc., the second-largest U.S. hamburger fast food chain, rose more than 5 percent Thursday in their stock market debut.
The initial public offering of 25 million shares, which represents a 19 percent stake in the company, was worth about $425 million, according to an underwriter. It marks the fourth restaurant company to hit the market this year.
Burger King (up $0.40 to $17.40, Research), which was bought by private equity firms Texas Pacific Group, Bain Capital and a Goldman Sachs Group Inc. affiliate in 2002 for about $1.5 billion, plans to use the proceeds to pay down debt.
JP Morgan Securities Inc. and Citigroup Global Markets Inc. were the lead underwriters on the deal.
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