Bloomin’ Brands IPO watch: Bloomin’ Brands recently filed the IPO (initial public offering) registration statement with the U.S. SEC (Security And Exchange Commission). The company intends to trade its shares under the symbol “BLM” to raise up to $300 million. The company has not determined the specific exchange to land on yet.
Merrill Lynch, Pierce, Fenner & Smith Morgan Stanley and J.P. Morgan are acting as lead underwriters for the Bloomin’ Brands IPO Deutsche Bank Securities, Goldman Sachs are also involved in this deal.
Bloomin’ Brands, formerly known as Kangaroo Holdings, Inc., was incorporated in October 2006 and is one of the largest casual dining restaurant companies in the world. The company currently owns and operates 1,248 restaurants and has 195 restaurants operating under franchise or joint venture arrangements across 49 states and 21 countries and territories.
In 2011, Bloomin’ Brands generated revenues of $3.8 billion, net income of $100 million and Adjusted EBITDA of $361.5 million. The company grew net income from a net loss of $64.5 million to net income of $100.0 million, and Adjusted EBITDA increased from $319.9 million to $361.5 million over the three years ended December 31, 2011 and the same period Adjusted EBITDA margins grew from 8.9% to 9.4%.