CKE Restaurants Inc., the fifth-largest operator of quick-service hamburger restaurants globally, has announced the estimated terms of its planned initial public offering. Some 13.3 million shares will be priced between $14 and $16 each.
CKE is offering 6.7 million shares to raise funds to pay down debt. Apollo CKE Holdings LP is offering an additional 6.7 million. CKE will not receive proceeds from sales by Apollo, its sole shareholder.
The company, which operates and franchises the Carl’s Jr. and Hardee’s fast-food restaurants, said its focus is on fast-growing emerging markets.
The company filed for the offering in May. It has applied to list its shares on the New York Stock Exchange using the symbol CK.
Shares of competitor McDonald’s Corp. (NYSE: MCD) ended Friday at $89.19 in a 52-week range of $82.01 to $102.22. Wendy’s Co. (NASDAQ: WEN) closed at $4.55 in a 52-week range of $4.29 to $5.58, and Jack in the Box Inc. (NASDAQ: JACK) sits at $27.00 in a 52-week range of $18.25 to $28.44.