Turkish Burger King files for IPO in New York
The company is said to go public as early as next year.
Burger King’s biggest franchisee outside the U.S., TFI TAB Gida Yatirimlari AS, filed for an initial public offering in New York.
TFI owns the Restaurant Brands International Inc. burger chain franchise through its TAB Gida unit. It was operating 1,822 restaurants at the end of September, including 766 in China and and 1,056 in Turkey, rising from 1,623 at end-2016, according to the company’s prospectus filing. Last year, Goldman Sachs Group Inc., Credit Suisse Group AG and the European Bank for Reconstruction & Development invested $150 million for almost 10 percent of TFI, valuing the company at about $1.5 billion.
Proceeds from the IPO will repay a $75 million loan borrowed in 2013 from Yapi Kredi Bankasi AS and the rest will be used to boost working capital and for corporate purposes.
