Habit Restaurants Inc. has filed its S-1 form with the Securities and Exchange Commission (SEC) for an initial public offering (IPO). No terms were given for the offering, but the filing is up to $86.25 million. The company has yet to decide what exchange it will list on but it plans to list under the symbol HABT.

The underwriters for the offering are Piper Jaffray, Baird, Wells Fargo, Stephens, Raymond James and Stifel.

The Habit Burger Grill is a fast-casual restaurant concept that specializes in made-to-order burgers and sandwiches. It operates in the approximately $34.5 billion fast-casual restaurant segment, which the company believes has created significant recent disruption in the restaurant industry and is rapidly gaining market share from adjacent restaurant segments, resulting in significant growth opportunities for restaurant concepts such as Habit.

The first Habit Burger Grill opened in Santa Barbara, Calif., in 1969. The restaurant concept is built around a distinctive and diverse menu. The chief executive officer, Russell Bendel, joined Habit in 2008, and since then the brand has grown.

Habit has grown from 26 locations across three markets in California at the end of December 2009 to 98 locations across 10 markets in four states in late August. The company has a compound annual growth rate or 34.5% from 2009 to 2013.

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These restaurants have generated 42 consecutive fiscal quarters of positive comparable restaurant sales growth, due primarily to increases in customer traffic. From fiscal year 2009 to fiscal year 2013, revenue increased to $120.4 million from $28.1 million. In the same time, net income increased from $0.1 million to $5.7 million.

The proceeds from this offering will be used to repay borrowings from Habit’s credit facility, California Bank & Trust. Proceeds remaining from that will be put toward working capital and corporate purposes.

FULL SEC FILING

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