USA: Gordon Biersch Brewery sets IPO at 4.17 million shares
Gordon Biersch Brewery Restaurant Group Inc. set May 17 its planned initial public offering at 4.17 million shares at an estimated price of $11 to $13 each, Reuters informed.
The company, which operates upscale brewery restaurants, said it had granted underwriters the option to buy an additional 625,000 shares to cover over-allotments.
Thomas Weisel Partners, BB&T Capital Markets and Morgan Keegan & Co. are underwriting the IPO, according to an amended offering document with the U.S. Securities and Exchange Commission.
Chattanooga, Tennessee-based Gordon Biersch said it has 25 company-operated restaurants in 13 states and in Washington, D.C., and franchisees operate eight Gordon Biersch restaurants and bars in airports.
It estimates it will receive $44.5 million in net proceeds from the IPO, which it will use to repay debt, to terminate its management agreement with Hancock Park, for new restaurant development and for general corporate purposes.
For the quarter that ended March 26, the company earned $177,000 on $27 million of revenue. For the year-earlier period, the company earned $226,000 on $23.8 million of revenue.
Assuming an offering price of $12 per share, the midpoint of the estimated range, Gordon Biersch will have an initial market capitalization of $109.9 million.
It has proposed to list its stock on the Nasdaq under the symbol "BIER."
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