Arcos Dourados announces IPO in the US.
The company that owns a McDonald's franchise in Latin America is going public on the New York Stock Exchange.
Arcos Dorados Holdings Inc., responsible for McDonald's operations in Latin America and the world's largest franchisee, announced that it will launch its IPO on the NYSE, the New York Stock Exchange. The IPO will offer Class A shares to the market, priced between US$13,00 and US$15,00.
The holding company will make 12.461.539 shares available, and the company's shareholders will also sell 50 million shares. These shares will be registered with the US Securities and Exchange Commission (SEC), the regulatory body equivalent to the CVM (Securities and Exchange Commission) in Brazil.
With the IPO, the company intends to raise up to US$937 million (R$1,5 billion), taking into account the total volume of shares for sale and the maximum expected price. Of this amount, Arcos Dorados plans to use US$150 million for investments in opening and renovating restaurants. The company did not disclose the date for the start of the offering.
In 2010, Arcos Dorados accounted for 5,1% of McDonald's global sales, with revenues of US$3 billion, a 14,1% increase compared to the previous year. The holding company's net profit was US$106,3 million, compared to US$80,4 million in 2009.
The banks BofA Merrill Lynch, JP Morgan, Morgan Stanley, Itaú BBA, and Citi will conduct the operation.