Turkish Burger King operator TFI TAB Food withdraws $220 million US IPO

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TFI TAB Food Investments (TFI TAB Gida), an exclusive franchisee for Burger King and other QSRs in Turkey and China, withdrew its plans for an initial public offering on Thursday after postponing in February 2018, citing market volatility. It had filed to raise $220 million by offering 22 million shares (80% insider) at a price range of $9 to $11.

The Istanbul, Turkey-based company was founded in 1994 and booked $991 million in revenue for the 12 months ended September 30, 2017. It had planned to list on the Nasdaq under the symbol TFIG. Morgan Stanley, Credit Suisse, Goldman Sachs, Citi and J.P. Morgan were set to be the joint bookrunners on the deal.

The article Turkish Burger King operator TFI TAB Food withdraws $220 million US IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO) , Renaissance International ETF (symbol: IPOS) , or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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