October 9 (SeeNews) - Romania's Sphera Franchise Group said on Monday it plans to hold an initial public offering (IPO) on the Bucharest Stock Exchange, BVB, by the end of 2017, offering investors up to 25% of its shares.
The offering is subject to market conditions and the approval of the prospectus by the Romanian Financial Supervisory Authority, ASF, Sphera said in a press release.
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The company plans to list its shares on the Regulated Spot market of the BVB.
"We are encouraged by the market environment and anticipate that the positive macroeconomic and industry trends will continue in and beyond 2017. We believe in the group’s prospects and are looking forward to this next important milestone in the company’s development, the listing of its shares on the BVB and raising the group’s profile and visibility as a public listed entity," CEO Mark Hilton said.
Sphera Franchise Group was set up in June and operates the outlets of KFC, Pizza Hut, Pizza Hut Delivery and Taco Bell in Romania. It also runs fast food chain KFC's operations in Moldova and in the northeastern part of Italy.
Prior to the establishment of the new company, the fast-food chains were part of the US-based YUM! Brands group subsidiary in Romania owned by Lucian Vlad, Radu Dimofte and Nicolae Badea. Sphera Franchise Group inherited the same shareholding structure.
Sphera Franchise Group is now one of the biggest restaurant groups in Romania, with overall sales of over 130 million euro ($146 million) per year, 100 locations and over 4,000 employees.
($=0.8517 euro)