Restaurant chain Freshii Inc. is going ahead with an initial public offering of its shares.
The company has filed a preliminary prospectus with securities regulators in Canada for an IPO and secondary offering of class A subordinate voting shares.
Freshii says the offering will include a treasury offering by the company and a secondary offering by certain shareholders, including Matthew Corrin, Freshii's chairman and chief executive.
The number of shares to be sold and the price has not yet been determined.
The offering will be managed by a syndicate of underwriters, led by joint bookrunners CIBC Capital Markets and RBC Capital Markets. BNN previously reported the filing was expected as early as mid-December and that the healthy fast-food chain hopes to raise between $75-$100 million, with the final amount to be determined by investor appetite.
Freshii sells salads, bowls, burritos, wraps, soups, juices, smoothies and frozen yogurt.
FRESHII IPO BY THE NUMBERS
Clocking in at 226 pages, the preliminary prospectus for Freshii's initial public offering gives prospective investors a look at the company's fundamentals. While some key information about the offering - like the number of shares and price - are yet to be determined, the filing offers a window into the business behind Pangoa bowls and Smokehouse burritos. Here's some of what the filing tells us about Freshii, by the numbers:
244: Stores as of Sept. 25
4: Company-owned stores as of Sept. 25
810-840: Target for number of stores by end of fiscal 2019
4.8%: Same-store sales growth in 2015 (vs. 8.2% in 2014)
$11,102,000: Revenue in fiscal 2015 (vs. $9,000,000 in fiscal 2014)
$1,728,000: Net loss in fiscal 2015 (vs. $1,016,000 net profit in fiscal 2014)
67: Risk factors listed in the prospectus
10: Votes per Class B share
0: Anticipated dividend
Source: Freshii IPO prospectus, all dollar figures in USD.