Restaurant Brands Iberia (RBI), the owner of fast-food chains Burger King and Popeyes in Spain and Portugal, is preparing an IPO on the Madrid Stock Exchange in the second half of 2024, business newspaper Expansion reported.
"We will push ahead with the plan to take the group public in the second half of 2024. The roadmap is already set, though no advisers have been hired yet," Expansion quoted RBI chairman Gregorio Jimenez as saying.
The company is hoping for a valuation of about €2.4 billion, the Expansion report added, citing unidentified market sources.
In 2019, RBI hired Morgan Stanley and Bank of America as it considered going public, but its plans were derailed by the COVID-19 pandemic.
Jimenez told Expansion the group is targeting revenue of about €1.3 billion and earnings before interest, tax, depreciation and amortisation of close to €250 million next year.
Tim Hortons, Burger King Lift Restaurant Brands Earnings
The above news follows news from May that Restaurant Brands International Inc beat Wall Street estimates for first-quarter revenue and profit, boosted by higher traffic and prices at Tim Hortons restaurants in Canada despite closures of some US Burger King locations.
The company's global comparable sales rose nearly 10% in the March quarter, versus analysts' estimates of 6.5% according to Refinitiv IBES data. Tim Hortons Canada sales grew 16% and Burger King International's were 12% higher. Shares were up 1.5%.
Big restaurant chains posted strong sales in the first quarter despite rising concerns about consumer spending power this year amid stubbornly high inflation.